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

 

Dunbarton Duplex Year in Review 2016

Dunbarton Duplex Year in Review 2016

Last year (2016) I decided to start providing online reports tracking average market value for Dunbarton Duplexes.  Turns out, my sampling period of every two months, didn’t provide enough data.  So let’s take a look back at the entire year and compare it to what happened in 2015.

HOMES SOLD

10 duplexes sold in 2016, 4 with basements

  7 duplexes sold in 2015, 3 with basements

Unlike the Dunbarton Single Family Home Year in Review for 2016, duplexes actually saw more sales in 2016 than the previous year.  Let’s see how the sales break down by quarter.

1st Quarter:  2 sales in 2016; 0 sales in 2015

2nd Quarter:  4 sales in 2016; 3 sales in 2015

3rd Quarter:  2 sales in 2016; 1 sale in 2015

4th Quarter:  2 sales in 2016; 3 sales in 2015

The second quarter seems to be where both years saw the most activity, though in 2015 the fourth quarter matched it.

SOLD PRICES

High Sold Price:  $360,000 in 2016; $359,900 in 2015

Low Sold Price:  $300,000 in 2016; $275,000 in 2015

Median Sold Price:  $336,000 in 2016; $330,000 in 2015

Average Sold Price:  $332,295 in 2016; $320,946 in 2015

Values definitely lifted a bit in 2016.  Even though the high sold prices were nearly identical, the difference in the median sold prices and average sold prices from 2015 to 2016 tell a tale.  And the number of Dunbarton Duplexes with basements seems to be about 40% of the sales each year, so that should not taint the median and average in this comparison.

CLOSING COST ASSISTANCE

When home owners are about to sell, they want to know if the market is such that paying all, or a portion, of the buyer’s closing costs will be expected.  Let’s take a look.

1 of 10 sellers gave closing cost help in 2016

3 of 7 sellers gave closing cost help in 2015

It’s clear to me that buyers wanting a Dunbarton Duplex know that they are making an offer on a hard to find home.  The vast majority of sellers had to give absolutely nothing in closing cost help to their buyers in 2016.  And the one seller that gave help in 2016 only gave $2,000.  Even in 2015, the slim majority gave none.  The average of the three that gave in 2015 was $2,500.  When you are hiring an agent to list your home, if you don’t want to pay closing cost help, start by finding an agent like me that understands the stats and can help you counter accordingly if a buyer does ask for closing cost help.

MARKETING TIME

When I sit down with sellers, after we figure out a reasonable list price, the next question they have is how long their home will take to sell.

Highest Marketing Time:  157 days in 2016; 61 days in 2015

Lowest Marketing Time:  0 day in both 2016 and 2015

Median Marketing Time:  38 days in 2016; 13 days in 2015

Average Marketing Time:  62 days in 2016; 23 days in 2015

Even though sold prices moved up in 2016 for Dunbarton Duplexes, marketing time took longer.  That’s not surprisingly given the hesitancy agents like myself noticed in the market last year.  Presidential election years always cause buyers to pull back a bit from the market  I think this showed itself in 2016 in the marketing time taking a bit longer for Dunbarton Duplexes to sell.

If you think that 2017 may be the year to list your Dunbarton Duplex, give me a call for a free market analysis.  We’ll pull the comparable sales that are most like your home, and any homes you may be competing against, to figure out the most money we get for your sale.  Since 2005, I have been a full-time, professional Bristow Real Estate Agent.  Put my experience in our marketplace 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

www.UncompromisingValues.com 

Dunbarton Duplex Report: May-June 2016

Dunbarton Duplex Report:  May-June 2016

We are in between thunder storms in Bristow, VA.  I bet it would feel great to step outside right now.  It was so humid earlier today that it felt like you were wading through soup just walking to the mailbox.  Days like these are great to stay inside and enjoy the fact that your A/C is working.

Right now, I am going to catch you up on the latest for Dunbarton duplexes in this Dunbarton Duplex Report.  This particular edition focuses on sales activity in May and June.

There were three sales of Dunbarton duplexes from the beginning of May to end of June.  The high sold price was $360,000.  The low sold price was $337,000.  The average of all three sales gives us our new average market value for Dunbarton duplexes of $346,333.  That is almost a 1% increast since last report.  More importantly, it is over a 13% increase since last year.

If you placed your Dunbarton duplex on the market, priced to current conditions, you could expect it to be under contract in an average of ninety-seven days.  You could also expect that buyers looking for a Dunbarton duplex won’t need closing cost help.  None of the three sales this report gave any.

The next Dunbarton Duplex Report will be out in September and will focus on sales activity for July and August.  Until then, when you are ready to sell your Dunbarton duplex, give me a call for a free market analysis of your specific home’s value.  We can also go over my unique marketing plan that allows me to sell millions in Bristow real estate year after year.

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com, www.UncompromisingValues.com

 

To see the Dunbarton Single Family Home Report for May-June 2016 click the link.

 

Statistics compiled using MRIS (Metropolitan Regional Information Systems.)

Dunbarton Duplex Report: March-April 2016

Dunbarton Duplex Report:  March-April 2016

Welcome to another edition of the Dunbarton Duplex Report.  In this edition we will look back at the sales activity for duplexes (attached single family homes) between the months of March and April.  We will have only our last report to ping back to for comparison.  As this is only our second report of duplex sales in Dunbarton, year to year comparisons were run strictly for the purposes of this report.

Just like the first two months of the year, there was only one Dunbarton duplex that sold between the months of March and April.  It was an Ayres model with a fully finished basement with a window well exit.  It sold for $344,000.  That sold price becomes our point of comparison for duplex values for this current report.  Compared to last report, it shows nearly a 13% jump in value.   Compared to last year, over an 11% increase in value.  Does that mean your Dunbarton duplex is worth 11% more than it was last year, or 13% more than it was last month?  No.  The sales last report had no basement, neither did the one last year.  That doesn’t mean your Dunbarton duplex hasn’t increased in value, but a larger sample of comparable sales would have to be made to determine your home’s value.

If you placed your Dunbarton duplex on the market, priced to current conditions, you could expect it to be under contract (according to this sale) in 150 days.  That may or may not actually be the case.  For instance, last fall I represented a buyer who was having a hard time finding a Dunbarton duplex to buy.  She snatched one up before it ever hit the market.  As for closing cost help, you might expect that you would give a little over 1/2% of the sales price in closing cost help.

The next Dunbarton Duplex Report will be out in July and will focus on sales activity for May and June.  Until then, when you are ready to sell your Dunbarton duplex, give me a call for a free market analysis of your specific home’s value.  We can also go over my unique marketing plan that allows me to sell millions in Bristow real estate year after year.

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com, www.UncompromisingValues.com

 

To see the Dunbarton Single Family Home Report for March-April 2016 click the link.

 

Statistics compiled using MRIS (Metropolitan Regional Information Systems.)

Dunbarton Duplex Values: January-February 2016

Dunbarton Duplex Values:  January-February 2016

When I began my real estate career in 2005, I also decided to start compiling bi-monthly property value reports for my neighborhood of Braemar.  Over the years, I have added more reports so home owners of the various home types have an idea of what current property values are doing.  For 2016, I am adding property value reports for Dunbarton.  This is the first Dunbarton Duplex Value Report and will focus on sales of attached single family homes in Braemar’s Dunbarton for the first two months of the year.

There was only one duplex that sold in Dunbarton during the months of January and February.  It was an Ayres model that listed for $300,000 and sold for $305,000.  It had been listed prior to its foreclosure and was hard to tour as there were items all over the floors.  Once it went to foreclosure, it didn’t last long.  The sold price of $305,000 represents a decrease from the average market value of 4.5% since November and December.  However, since there were no sales of Dunbarton duplexes in the first two months of 2015, we have no year to year comparison.

If you placed your Dunbarton duplex on the market, priced to current conditions, you could expect it to be under contract in about a week and a half.  You may not even have to pay closing cost help to the buyer.  This sale didn’t.

The next Dunbarton Duplex Report will be out in May and will focus on sales activity for March and April.  Until then, when you are ready to sell your Dunbarton duplex, give me a call for a free market analysis of your specific home’s value.  We can also go over my unique marketing plan that allows me to sell millions in Bristow real estate year after year.

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com, www.UncompromisingValues.com

 

To see the Dunbarton Single Family Home Report for January-February 2016, click this link.

 

Statistics compiled using the MRIS (Metropolitan Regional Information Systems.)