North End Market Update – Year in Review

North End Market UpdateIt was a big year for real estate in the North End of Virginia Beach!   The numbers are in, the closings are finished, and the homes are sold… Let’s get started with my 2015 analysis of housing market trends at the North End of Virginia Beach.

(In case you’ve forgotten, I define the North End as the area between 43rd Street and First Landing State Park.  This does not include Bay Colony, Cavalier Park, or Princess Anne Hills.)

Seventy-five homes sold in 2015.  That’s a tiny drop compared to 2014 (when 79 homes sold), but all the other numbers are on an upward trend:

  • The most expensive home in the North End in 2015 sold for $4,400,000.  That’s a colossal jump from the biggest sale of 2014, which was $3.5 million.
  • The least expensive home at the North End of Virginia Beach sold for $300,400.  This represents another huge jump over the cheapest home of 2014, which went for $207,500.
  • There’s a similar difference in the average and median sales prices: 2014 had an average sales price of $797,300 and a median of $691,000; 2015’s average was $883,500 and its median was $699,000.
  • Average market time improved in 2015: from 93 days to sell a home in 2014 to 85.
  • Distressed Properties: 2014 saw the sale of 2 short sales, 2 bank foreclosures, and 2 fixer-uppers.  In 2015, there were no short sales, no bank owned properties for sale, and 1 fixer upper.

Don’t want to read all that?  Here’s a table:

North End Year in Review graph

It was a big year for me personally at the North End;  I sold 7 of those 75 homes.  Here’s how I compared against all those other Realtors.

North End Year in Review graph how i compare

A $3,500,000 listing I sold at 4306 Ocean Front Avenue in the North End.
The $3,500,000 listing I sold at 4306 Ocean Front Avenue in the North End of Virginia Beach.

While I didn’t sell the most expensive home in the North End, I came close with a gorgeous, 1920s style beachfront home on Ocean Front Avenue for $3,500,000… It was the fifth most expensive home sale in all of Virginia Beach last year.  I sold it after the homeowner had tried 4 other agents who all failed.

Here’s what one of my North End clients said about me after I sold his home:

Excellent to work with and did a very good job. Dedicated service and worked hard to sell my house. Very professional and understood the dynamics of the market.


2016 is predicted to be an even bigger year for real estate in Virginia Beach – don’t miss out!

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.

 Katie Zarpas

Luxury Homes Specialist
Certified Real Estate Negotiator
Accredited Buyers Representative
Certified Distress Property Expert
HRRA Circle of Excellence Gold Recipient

Long & Foster Real Estate and
Christies International Real Estate
800 Laskin Road
Virginia Beach, VA 23451
757-685-44000 cell
757-428-4600 office
katie@katiezarpas.com
http://katiezarpas.com/

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