2013 Year in Review: Potomac Lakes
Located in Sterling between Route 7 and the Algonkian Regional Park, Potomac Lakes is a community of single family homes and townhomes built between 1989 and 2002. We know this area well having spent countless weekends on the softball fields at Potomac Lakes Sportsplex. Let’s take a look at last year’s real estate market here…
Potomac Lakes is a very unique neighborhood. Single family homes range from 1500 to 4000 square feet, and prices vary from $430,000 to almost $800,000. It is such a large and diverse neighborhood that calculating an average value is not relevant, however we can offer some observations. Fewer homes sold in 2013, sixty-four versus sixty-eight in 2012, and the average days on market fell to 22 (it was 51 the previous year). Last year there were only two short sales, compared to ten in 2012, and the average list price climbed to $574,447 from $530,755.
The variety of size and style is not limited to single family homes in this neighborhood. Townhomes here offer between 940 and 2400 square feet while ranging in price from $250,000 to $480,000. Once again, an overall average sales price is not relevant and there is no definitive dividing line so we will stick to observations. The volume of transactions in Potomac Lakes soared as 113 townhomes sold last year, thirty more than 2012. Average days on market also improved nearly two weeks to 23 days, while the list price rose from $360,003 in 2012 to $385,982 last year.
What does all this mean for you? More than most areas, Potomac Lakes requires a specific look at your home’s location and features to determine value. Signs point to a sellers market for this spring, but we did notice a few buyers were able to sneak in a grab a bargain.
If it’s been a while since you’ve checked what your Potomac Lakes home is worth, you might consider asking for our home value report. We’ll deliver it to your inbox within an hour and would be happy to answer any questions. Thinking about buying? We’ve got you covered there too, just request our email update for all the listings in your target area.
Have a real estate question or need any information on all things LoCo, just ask!
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About our blog
Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.