Dunbarton Duplex First Quarter Review 2017

Dunbarton Duplex First Quarter Review 2017

If you were ever wondering what it might be like to live in the Pacific Northwest, I’m sure the last week of drizzly rain and consistent overcast weather has enlightened you.  While my husband would love for us to pick up and move to Seattle, it is days on end of weather like this that makes me love Bristow, Virginia.  This dreary weather is rare, and that’s perfect for me.

There is one thing dreary days are good for, and that is preparing market reports.  This one focuses on the sales between January and March this year in Dunbarton duplexes.  For comparison, we’ll look at what happened in the first quarter of 2016.

HOMES SOLD 

4 duplexes sold in the 1st Quarter of 2017

2 duplexes sold in the 1st Quarter of 2016

In all honesty, this is not what I expected to see.   Bristow, VA has been seeing an inventory shortage this year, which means not enough homes on the market to meet buyer demand.  Seeing more duplexes sell in the first quarter of 2017 than the same period of 2016 is a good thing.

SOLD PRICES

High Sold Price:  $361,130 in 1st Q 2017; $305,000 in 1st Q 2016

Low Sold Price:  $261,250 in 1st Q 2017; $300,000 in 1st Q 2016

Median Sold Price:  $329,750 1st Q 2017; $302,500 in 1st Q 2016

Average Sold Price:  $320,470 1st Q 2017; $302,500 in 1st Q 2016

With more duplexes selling in the first few months of 2017 vs. last year I not surprised to see a much higher high sold price this year.  There was a larger variety of duplexes and one with a basement set the high this year.  And once you get more sales and a much higher price, it is no wonder the sold prices are much more favorable looking into 2017.

CLOSING COST ASSISTANCE

When you are planning on selling your Dunbarton duplex, of course you are going to want to know if you are going to be expected to give any closing cost help to your buyer.  Let’s take a look.

1 of 4 sellers gave closing cost help in 1st Q 2017

0 of 2 sellers gave closing cost help in 1st Q 2016

It’s pretty clear looking at these numbers that giving closing cost help is a rarity when it comes to selling Dunbarton duplexes.  The only seller that gave closing cost help gave $629.  That’s more than likely, something that was negotiated during the home inspection.  Often times sellers will offer a closing cost credit in lieu of repairs.

MARKETING TIME

Knowing how long it will take to sell your Dunbarton duplex is also good to know.

Highest Marketing Time:  55 Days in 1st Q 2017; 88 Days in 1st Q 2016

Lowest Marketing Time:  4 Days in 1st Q 2017; 9 Days in 1st Q 2016

Median Marketing Time:  13 Days in 1st Q 2017; 49 Days in 1st Q 2016

Average Marketing Time:  21 Days in 1st Q 2017; 49 Days in 1st Q 2016

With high buyer demand in our Bristow market, it is no surprise to marketing time coming down.  It seems that your Dunbarton duplex could be under contract in two to three weeks.

When you are ready to put your Dunbarton duplex on the market, call me for a free market analysis.  Since 2005, I have been a full-time Bristow Real Estate Agent.  Put my local knowledge to work for you.

Chris Ann Cleland

 Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

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Dunbarton Single Family Home First Quarter Review 2017

Dunbarton Single Family Home First Quarter Review 2017

Spring has finally sprung in Bristow, but the cold overnight temps over the last few days may have you going back and forth between your heat and a/c.  Does make for some great days to open up the windows and let in some fresh air.

Right now, it’s time for the first quarter check up on Dunbarton single family home values.  Let’s get right to it and see how the first quarter of 2017 compares with the first quarter of 2016.

HOMES SOLD

3 homes sold in the 1st quarter of 2017

6 homes sold in the 1st quarter of 2016

Clearly, the first quarter of 2017 is not starting out gang busters for number of sales compared to the previous year.  But is it affecting prices?

SOLD PRICES

High Sold Price:  $399,900 in 1st Q 2017; $449,900 in 1st Q 2016

Low Sold Price:  $335,000 in 1st Q 2017; $335,000 in 1st Q 2016

Median Sold Price: $385,000 in 1st Q 2017; $349,000 in 1st Q 2016

Average Sold Price:  $373,300 in 1st Q 2017; $370,400 in !st Q 2016

Well this feels better than just looking at the number of sales.  Sure the highest sold price isn’t as high as it was in the first quarter of 2016, but the median and average sold prices are higher.  That means the demand is raising prices.

CLOSING COST ASSISTANCE

Another aspect of analyzing home sale data is looking at closing cost assistance that sellers give buyers.

1 out of 3 sellers gave closing cost help in 1st Q of 2017

4 out of 6 sellers gave closing cost help in 1st Q of 2016

Looks like sellers in the first quarter of 2017 had a better shot of not being asked for closing cost help this year.  That’s part of the current high market demand.  The more buyers are competing for listings, the less likely they are going to ask for things like closing cost help.  The one that did give help this first quarter of 2017 gave $6,085.  So that would be a worst case scenario if you were thinking of selling anytime soon.

MARKETING TIME

And the last aspect of analyzing home sale date is to find out how long it is taking to sell homes.  So how long is taking to sell a single family home in Dunbarton?

Highest Marketing Time:  43 days in 1st Q 2017; 189 days in 1st Q 2016

Lowest Marketing Time:  7 days in 1st Q 2017; 4 days in 1st Q 2016

Median Marketing Time:  27 days in 1st Q 2017; 72 days in 1st Q 2016

Average Marketing Time:  26 days in 1st Q 2017; 84 days in 1st Q 2016

As I would expect in a market where buyer demand is outpacing supply, the first quarter marketing time for Dunbarton single family homes this year is shrinking overall compared to last year.

If you have been thinking of making a move, selling during a time of low inventory is a great strategy.  Call me to find out other home selling strategies that I can put to work for you.

Chris Ann Cleland

 Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com