For part two of our market update series, we chose to focus on Morningside--Virginia Highland's neighbor to the north. As in the last post on Virginia Highland, the numbers to be examined are the number of sales, median sales price, and the average days on market for the given year. Here's what they look like:
- Number of Sales 2005 = 174
- Median Sales Price = $473,300
- Average Days on Market = 63
- Number of Sales 2006 = 181
- Median Sales Price = $563,500
- Average Days on Market = 98
- Number of Sales 2007 thus far= 112
- Median Sales Price = $512,500
- Average Days on Market = 101
So here's our opinion as to what's going on:
It's unfortunate to see that Morningside has seen a decreased number of sales, a decrease in median sales price, and and increase in the number of days on market. In addition the inventory levels have been growing in comparison to the buyer pool.
Advice to buyers: Act now! it's an amazing time to buy--if you have money to put down and you have an established relationship with a lender you can trust.
Advice to sellers: With so much competition, it's more imperative now than ever to have a great agent working for you (raises hand!). Further, professional staging is also an essential part of your marketing plan. In order to sell, you will also need to be prepared to pay some or all closing costs. If you are concerned about the amount of time on the market, remember this - Two things will ultimately control whether or not your home sells; its condition and its price. In the current market, pricing your home in the bottom 1/3 of the comps and having your home in the top 1/3 of the comps based on condition will ensure a speedy sale...who knows...you may even get multiple offers!
Look for more next time!
Wayne Tyndall - The CARE Team - www.thecareteam.net - wayne@thecareteam.net
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