2013 Year in Review: Potomac Station
Most single family homes in Potomac Station have 4 bedrooms, 3.5 baths, and are on almost a quarter acre. Forty of those homes sold last year, slightly less than the forty-four in 2012. The good news for owners here was an increase of 8.5% in average price to $545,457, all while spending seven less days on the market (22 vs 29). Both of those statistical measurements outperformed county averages (those are in the LoCo Look Back), and were well above the rest of the 20175 zip code (Leesburg Look Back). Part of the reason for that jump was a significant drop in the number of short sales and foreclosures (down to 3 from 11 in 2012). However, even after removing those types of transactions from consideration the average price rose almost 6%.
Forty-nine townhomes changed hands last year, up a bit from forty-five the previous year. Typically offering 3 bedrooms and 2.5 baths, those townhomes sold for an average of $361,989. That’s a 7% jump compared to 2012 ($336,333), although it did take one more day to realize that gain (27 vs 26). Once again there was a considerable drop in distress sales from 9 to 4, but even discounting those the increase was still almost 7%.
So what does this mean for Potomac Station’s home owners? You have one of the more seller friendly neighborhoods in Leesburg, with a greater climb in value than most of your neighbors and shorter time on the market to capture it. Buyers here should be ready to act quickly, and we would expect a similar increase in prices this spring once the market gets going.
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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.