Oakdale Crossing in Winchester, VA, is starting to see more market activity after a fairly slow 2011. The total sales for 2011 were 4 properties. The trend in this neighborhood has been slowing since the collapse of the real estate market in 2008.
Just prior to the run up in home prices in 2004, Oakdale Crossing had 20 closings. The trend has been continually dropping; first because of a run up in prices that priced many interested buyers out of the market, and secondly, because of the collapse of the local real estate market.
This 18-year-old neighborhood has been a highly desirable location because of the quality of the homes, the beauty of the landscaping around most of the homes and because of their close access to schools, shopping and multiple highways. It’s a great place to live.
The 2011 homes sales varied from a low of $240820 to a high of $417000. Home sales closed within 91.6% of list in 2011. Of that group, only one property was a distressed property. The remaining three were all fair market sales.
The 2012 homes sales have taken a different path. Of the current five sales, 2 have been REOs, 1 has been a short sale and 2 have been fair market sales. The similarity of the 2011 and 2012 sales have been in the list to close price. This year, closing prices have stayed at an average of 91% of list.
The biggest difference between 2011 and 2012 has been in the final close prices. The average sale in 2011 was $355000, but the 2012 average has dropped to $307464. That may be more of an indicator of the current national and local economy than the value of the homes sold in Oakdale Crossing.
Due to the drop in prices, homes in Oakdale Crossing are only staying on the market an average of 22 days. The days on the market in 2011 was an average of 48. Ironically, the current 5 listings in Oakdale Crossing have been on the market an average of 121 days. That alone is an indicator that the prices may be out of sync with local market comps. Of those lists, most are within 6% or higher of their initial list price.
The old rule of thumb still holds true. If you price it right, it will sell. Homes that are overpriced even 10% can languish on the market for months, and in some cases, years. A property that has been on the market for 185 days may be stigmatized by time. Price reductions, repairs or others issues should have been addressed much sooner.
For those who have found that sweet spot where price and quality meet, a quick sale is normally the result. Of the five sold properties in 2012 one was only on the market for 9 days. That’s a good indication that price and quality were combined to provide a good opportunity for a seller in need of a sale and for a buyer in need of a purchase. Oakdale Crossing is starting to see more market activity in 2012. It’s a good time to buy with historic low-interest rates and lower prices, and Oakdale Crossing is a great location.