Kingstowne Monthly sales comparison 2015 vs. 2016
*For the purpose of this report data is for zip code 22315
Single Family Home Sales in Kingstowne December 2016:
•Number of Sales: 4 (decrease from 8 in December)
•Highest Priced Sale: $756,000
•Lowest Priced Sale: $374,000
•Median Sale Price: $525,500 (decrease from $657,000)
•Median Days on Market: 29 (increase from 24)
•Median Sale Price to List Price Ratio: 96.40% (decrease from 97.13%)
Kingstowne experienced a decrease in detached home sales in December. It’s important to point out that of the 4 homes that closed the lowest sale was a 1,120 square feet rambler with 3 bedrooms and 1 full bath that was not updated. Its sale price was very low for the area and in turn the statistics were impacted accordingly. Days on the market increased by 5 days but, still remain low at under a month. There are currently 5 detached homes for sale in Kingstowne, a decrease of 5 as compared to November. Low inventory is currently a challenge in 22315, we have buyers just waiting for the right home to come on the market. Sellers who are waiting to list until spring would be wise to locate the agent they want to work with now and start the process. With the right marketing plan in place your home can be under contract before the spring listing rush begins. Low inventory is a favorable market condition for sellers.
December 2015 vs. December 2016
Reviewing the same time period last year there were 3 single family homes sold. Median sale price was $564,500 and days on the market were exactly the same at 29. Sellers saw a median sale to list price ratio of 98.72% in December 2015.
Townhouse Sales in Kingstowne December 2016:
•Number of Sales: 26 (increase from 25 in November)
•Highest Priced Sale: $623,804
•Lowest Priced Sale: $329,000
•Median Sale Price: $438,825 (decrease from $470,000)
•Median Days on Market: 21 (decrease from 33)
•Median Sale Price to List Price Ratio: 97.71% (increase from 96.15%)
The highest sale that closed in December was a new construction home in Devonshire. Built by McShay the open floorplans, Brazilian hardwood floors, and gourmet kitchens have been very popular with buyers. Townhouse sales in Kingstowne have been impacted by lack of inventory. At the time of this report there are just 18 listed for sale. It’s important for buyers and sellers to understand the impact of low inventory on the market. It’s good news for sellers because it makes it a great time to list but, it’s not ideal for buyers because of inventory being so depleted. When a home is priced correctly and shows well multiple offers are a strong possibility. Buyers need to work with an agent who understands the market trends and has experience in multiple offer situations in order to be successful. The small details in your offer can be the difference in being the contract the sellers choose to work with or having to continue your home search because they selected a different offer.
December 2015 vs. December 2016
25 townhomes sold in December 2015 in Kingstowne and the median sale price was $402,500. Days on the market didn’t change – 21 for both December 2015 and 2016. Sale to list price ratio remained consistent, 96.37% in December 2015.
Interested in what your Kingstowne home is worth in today’s market? Visit www.northervalocalmarketvalues.com for a free no-obligation estimate.
We are here to help, if you’re thinking about buying or selling and just have questions about the market or what guarantees we offer to our clients don’t hesitate to contact us. We’d love to answer them for you.