I spent a lot of time with clients in Broadlands this spring and saw an extremely busy real estate market. Nothing has changed over the last three months, let’s take a closer look:
A typical single family home in Broadlands has 4 bedrooms, 3.5 baths, 3024 square feet on the upper levels and sits on .23 acres. The most impressive real estate market stat here is that sales have more than doubled compared to the same time frame last year. During the past three months, 39 non-new construction homes have sold for an average of $617,594. That’s a 5% increase in average sales price compared to $586,875 in 2012. Add to that a 12 day decrease in on-market time and you have a strong sellers market. Topping the list was a 8400 square foot, all brick and stone custom Van Metre home on .89 acres which sold for $1,170,000!
Townhome sales in Broadlands remained steady, with fifteen sales in the last 90 days compared to sixteen in 2012. Despite having one less sale, the average price increased 6.5% versus 2012 to $395,840 . Sellers here should note this is the first neighborhood we have reviewed where average sale price outpaced the average list price ($395,650). We also saw a significant drop in the days on market, as homes have gone under contract after an average of 8 days this year.
Trying to figure it all out? Sellers in Broadlands have a distinct advantage with prices going up and days on market going down. As I write this post, there are a combined 15 homes for sale and 15 homes under contract in Broadlands. That is just a few days over 1 months worth of inventory at the current rate. Buyers should be prepared to act quickly and expect to pay the list price. The old saying of “If you snooze, you lose” was never truer than it is right now in this community.
If you are considering making a move, the first step is finding out what your home is worth. It’s simple, register for our home value report and we will quickly deliver it to your inbox! (Live outside of Broadlands, but still curious about home values? That’s fine, you can register, too.) If you are thinking about buying in Broadlands, we can help with that as well; sign up here to receive all the new listings in this neighborhood.