Virginia Highland Real Estate Trends Report
Q1 2016 :: Brought to you by Nest Atlanta Real Estate Group
VIRGINIA HIGHLAND HOMES SOLD
- The average single family home sales price in Virginia Highland dipped from the same time last year ($672K in 2016 vs $792K in 2015). Please don’t panic when you see this comparison, because there are a few things to consider:
- Typically only 20 homes sell each quarter
- There is a wide price range in VAHI, usually $400K to $1.6M
- In 1Q 2016, almost half the homes sold under $600K and only one sold over a million, so the average sales price could easily shift this Spring when more new construction homes are selling.
- In 1Q, the average home price was $672,000 and the median sales price was $642,000.
- Homes ranged in price from $450,000 to $1,175,000. You can view all the Virginia Highland homes that sold at the bottom of this report!
HOW QUICKLY ARE HOMES SELLING?
- On a good note, Virginia Highland homes are selling MUCH FASTER at just 47 days on average. That’s about 20% quicker than the same time last year. The median time to sell was only 23 days and that’s probably a better reflection of the time it takes to sell an existing home in Virginia Highlands.
- 35% of the homes sold in less than 2 weeks and 55% sold in less than a month.
ARE BUYERS STILL PAYING TOP $$?
- On a good note, 25% of the Virginia highland homes sold at or over the asking price. The average was 96% of the original listing price (before any price reductions).
OUR PREDICTIONS FOR THIS SPRING (2nd Quarter)
The housing inventory levels are VERY low in Virginia Highlands. The absorption rate (calculated by dividing the total number of available homes by the average number of sales per month) tells us that there is less than 4 months of inventory on the market, so VAHI is in a strong seller’s market.
EXAMPLE: In the Spring selling season, about 7 homes sell each month in Virginia Highlands. There are currently 28 homes on the market and if no other homes were listed, we would be out of homes in 4 months (28 divided by 7).
We anticipate that more of the current million dollar listings will start to sell — over 40% of what’s currently on the market in Virginia Highland is over $1.0M. Many of them have been on the market for 100+ days, so builders may reduce pricing or be more flexible in the negotiations in order to get them sold.
Our final prediction is that the number of home sales will drop slightly, as fewer and fewer Virginia Highland residents seem to be listing homes under $750,000 and many potential buyers are priced out of the neighborhood.
Be sure to tune in next quarter to see if our crystal ball was correct!
Virginia Highland Home Sales
01/01/2016 – 03/31/2016 :: See all the current homes for sale in Virginia Highland
|Address||Beds||Baths||List Price||Sold Price||SQ FT||DOM|
|882||Glen Arden Way||4||3||$949,000||$965,000||2850||3|
Contact us anytime at….
Visit us at inVAHI.com
Please note: All Virginia Highland (Atlanta 30306) home sales data was extracted from FMLS on April 15, 2016 by Kerry Lucasset with the Nest Atlanta team at eXp Realty. Information is deemed reliable but not guaranteed. For the latest report of Virginia Highland real estate activity, please call us at 404-205-8800 and we’ll be happy to email you a copy.