This morning’s market update is for Potomac Lakes, in Sterling. This is the first neighborhood I have researched this spring where average sales price have declined compared to a year ago.
Townhome sales are dominating this neighborhood over the last 90 days, with more than double last year’s total of 6. Since December 13, thirteen sales have been recorded at an average sales price of $365,538. That represents a 6.8% increase in value versus last year, and is consistent with what I have seen so far this year. These homes have taken an average of 41 days to sell, almost half the time compared to last year’s average of 79. There was one short sale and two foreclosures the last quarter, while 2012 saw one of each. As I write this, twenty-one townhomes are listed in Potomac Lakes, including 6 short sales and 1 foreclosure. But out of those 21, only six townhomes are still available.
As I mentioned above, the single family home sales during the past 90 days is the first area where indicators are down. Compared to last year, sales have dropped a touch from 9 to 7, while average sales price declined slightly, from $522,111 to $517,428. There has been one short sale this year, while 2012 had one foreclosure. Two bright spots for sellers here; homes have been on the market 13 days fewer that the same time frame last year, and all six homes on the market this morning are under contract.
So what does this all mean for you? If you are in the market for a Potomac Lakes townhome, the same rules apply as everywhere else this spring, be prepared to act fast and come with your best offer. Sellers for any type of home in this neighborhood are in good shape, the lack of inventory for single family homes should help to bolster the average sales price. If you are considering making a move this spring, send us an email or call us at (571) 233-5495, we’d be happy to help.
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