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2013 Year in Review: Tavistock Farms

112 5239 2013 Year in Review: Tavistock Farms

Tavistock Farms will always be a special place for us. We bought (and built) our first home there, and it was also the first house Heather sold. Let’s take a look at how the real estate market here fared in 2013…

A typical single family home in Tavistock has 4 bedrooms and 3.5 baths on a quarter acre lot. Seventeen were sold last year for an average price of $540,876, up 7.5% compared to 2012’s average of $500,740 (10 sales). That spike in sales price is well above Leesburg’s average of .4% for the 20175 zip code, and actually beats LoCo’s average of 6.8% as well. Another strong indicator of a sellers market here was the drop in days on market to 28, three weeks faster than the year before.

The townhome market in this neighborhood is unique, with one section built in 1990 and another built between 2000-2003. Both models offer 3 bedrooms and 2 full baths, the main difference being the older townhomes are about 500 square feet smaller and have one less half bath. Since there is a dramatic difference in price, we decided to review them separately. Six of the older homes sold at an average price of $320,500. With only one short sale the previous year, we had to go back to 2011 where five homes sold for an average of $272,617. A pretty nice bump of about 7.5% per year. Only eight of the newer townhomes in Tavistock sold in 2013, with the average price up 9% to $360,937. That was a little less action than 2012 when 16 homes sold, while the days on market dropped to 11 from 32 the previous year.

Wondering what this might mean for you? If you are selling a home in Tavistock, the trend is in your favor as prices are up and days on market are down. Buyers in this neighborhood need to be on their toes and prepared to make a strong offer. There is usually not much turnover here and because of proximity to schools, shopping, and commuting routes, it’s a very sought after spot.

Live in Tavistock Farms  (or anywhere in LoCo) and wonder what your home is worth? Click here and we will shoot you an email with an up to date home value report. Thinking about buying? We’ve got you covered there too, sign up here to get email updates on all the listings in your target area.

Cheers,
Mike

Have a real estate question or need any information on all things LoCo, just ask!