Here’s an August 2015 market update for real estate conditions at the North End of Virginia Beach.
As of today, there are 115 homes for sale in the North End of Virginia Beach, between 43rd Street and First Landing State Park. This does not include Bay Colony, Cavalier Park, or Princess Anne Hills.
Eight homes sold in July (double the amount in June!), and twelve went under contract in the North End (again, a big increase over the June numbers). The median sales price of these four homes was $697,500, while the average number of days on the market was 148. The most expensive home sold in the North End in July sold for $2,900,000 (on Ocean Front Avenue); the least expensive home went for $520,000 (on 80th Street).
Now let’s dig into the numbers about the North End properties that are still under contract but haven’t closed yet. The median listing price of these twelve homes is $654,450. The average number of days on the market is 69. The most expensive home to go under contract is 200 79th Street for $1,400,000; the least expensive home to go under contract is a small co-op on Atlantic Avenue for $299,900.
When the co-op is removed, we are left with eleven pending listings at the North End of Virginia Beach, in the more familiar territory of condos and simple ownership. The median list price becomes $659,000 (not too different from $654,450) and our average days-on-market calculation decreases to 66.
Did you notice the dramatic difference between the market time of sold and pending listings? The average number of days on the market for our July Solds at the North End was 148 – that’s five months! In contrast, our pending listings only took two months to sell at an average of 66 days. This is probably a result of the usual real estate rush that occurs during every spring and summer, as parents race to find the perfect home that doesn’t disrupt their child’s school year. There’s usually a substantial drop in market time as families snap up homes that have been sitting in inventory over the winter.
July’s market activity at the North End was substantially higher than what we saw in June, making this a great time to sell a home. Furthermore, with 115 homes for sale at the North End, there’s a fantastic selection of properties available so that you can find the perfect beach home if you’re buying.
Looking to sell and not sure what your home is worth? Thinking about buying but not sure about your earning power? Contact me today for a complimentary marketing analysis of your home’s value, or to learn about the buying process.
Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient