Real estate in the Pimmit Hills subdivision in Falls Church is doing well this year. Up to this point in 2011 (10/5/2011) 40 homes have sold as compared to 50 homes the whole of 2010. Does the encouraging activity translate in to higher pricer? Has the “double dip” in mortgage rates and the struggling stock market made a difference? Are there still forclosures and short sales in the pipeline? And how long is the typical home taking to sell this year as compared to last year? Read on and you will get the information needed to answer those questions!
The percentage of distressed sales (foreclosures and short sales) have been in the 25%-35% range the last few years. In 2011 the percentage of distressed sales is down to 15%. That is a great thing for homeowners in the community. It does also look like foreclosures are being replaced with short sales this year.
For 2011 YTD, the lowest price sale was a 3br/1ba home at $280,000. The max price was a 5br/3.5ba newer home that sold for $737,500. The average price for all homes sold was about the same – down slightly from $391,208 in 2010 to $390,433 in 2011.
In 2009, homes on average sold for 96.8% of the original list price and 101.1% of the final list price.
In 2010, homes on average sold for 98% of the original list price and 99% of the final list price.
In 2011, homes on average sold for 94.5% of the original list price and 97% of the final list price.
If you are looking to purchase in Pimmit Hills there is often room to negotiate on the prices.
If you are looking to sell, make sure you don’t overprice even though the market is still good.
There are 12 pending home sales in Pimmit Hills as of 10/5/2011 with asking prices on those properties in the $299,000-$974,888 range. One is a foreclosure, six are normal sales and five are short sales.
The average days on market in 2009 was about 60, in 2010 just 26 and in 2011 about 60 days again. There is a high demand for homes in Pimmit Hills but they do take longer to sell in 2011 than last year.
10 homes are currently available for sale in Pimmit Hills as of 10/5/2011. The lowest priced one is a 3br/2ba listed at $329,900 and the highest is priced is a 8br/b.5ba (!) at $1,349,900. One of those 10 is a foreclosure and one is a short sales. You can see what is currently for sale in Pimmit Hills here.
To get a better understanding of the overall price level in the neighborhood we need to compare apples to apples. I have therefore tracked sales of the 884 sq/ft 3br/1ba 1 level ramblers in the neighborhood over the last couple of years. Keep in mind – some of these homes may have family room extensions in the back (most add a second bath in those cases though) or could be completely updated. We have tried to adjust for extension etc. Nevertheless, it makes it much easier to see what the trend is as the mix of homes sold continuously changes skewing the min, max and average sales price.
As you can see from the above graph, the prices appear to have stabilized and even picked up a little. This despite the doubling of days it takes to sell a home.
Moving on to rentals the prices have started creeping up slowly after having been pretty flat over the last few years. This year the rents seems to have jumbed significantly. There are currently only 2 properties listed for rent ranging from $1750 for a 3br/1ba to $5,600 for an 8br/8.5ba home (that is also for sale.)
The number of rentals this year is way down – only 13 homes have rented YTD versus 41 the whole of last year. This reduced supply likely accounts for the increase in rents.
For investors the GRM has been getting better and better since 2005. As the prices have declined rents have finally started creeping up. Investors are buying in the neighborhood – especially foreclosures and tear-downs.
Pimmit Hills is a great neighborhood in a fantastic location. Interest rates and prices are both still low. If you would like to discuss selling or purchasing in Pimmit Hills please give us a call at 703 560-3424 or contact us online.
Broker, Soldsense Realty LLC
“Your sixth sense in real estate”
Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only – always do your own research.