While the market activity at Idylwood Towers is on par with the 2010 number of homes sold, the prices this year seems to struggle to maintain the momentum from 2010. There were 19 homes sold last year – up to this point 16 homes have sold (10/7/2011.) The lowest price was a junior 1br/1ba at $138,600. The highest price was a 3br/3ba property at $265,000. The highest priced 2br was one that sold at $238,000.
As can be seen by the graphs above, the percentage of distressed sales seems to have peaked in 2009 and has been stable since.
In 2009 the average sales price for a 1 bedroom unit was $177,550. The average price for a 2 bedroom unit was $213,600. A single 3 bedroom unit sold for $315,000.
For 2010 the average sales price for a 1 bedroom unit was $188,500. The average price for a 2 bedroom unit was $229,750. 3br/2ba’ are $288,500 and 3br/3ba’s sell on average for $301,000.
For 2011 year to date the the average sales price for a 1 bedroom unit was $173,475. The average price for a 2 bedroom unit was $216,975 and for a 3br/3ba it was $265,000.
Homes on average sell for 93% of the original list price. They sell for 96% of the final list price. If you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that is familiar with the buildings and can help you determine if the asking price is reasonable.
As of 10/7/2011 there are 3 pending sales at Idylwood Towers. One is a foreclosure and one is a short sale.
Four homes are currently available for sale in Idylwood Towers. They range in price from a junior 1-bedroom home at $154,900 to a 2-bedroom home listed at 249,900. You can see the homes currently for sale here.
To get a better understanding of the overall price curve in the neighborhood we can take a look at the sales history of the various models. As there has been few sales of the 3 bedroom units, the price trend is probably most accurate for the 1 and 2 bedroom units.
The average sales prices did go up in 2010 (one bedrooms went up about 5% and two bedrooms about 8%.) That could have been a temporary bump due to the home buyer credit though – it seems the prices for 2011 have retreated back to 2011 levels. We will have to wait until next year to see if it is a double dip in house prices or if prices have reached a new stable level.
The current market situation could change if there are a lot of foreclosures coming up. According to Realist there are 2 pre-foreclosures, 0 upcoming or recent auctions and 2 bank owned properties at Idylwood Towers. Some of these bank sales may already have been listed and/or sold. But, there does seem to be a few more foreclosures coming on the market soon.
Moving on to rentals, the rents have gone up again this year. 24 properties rented year to date in 2011, compared to 29 properties rented in 2010. There are currently 3 properties listed for rent ranging from $1,200 for a junior 1br/1ba to $2,500 for a 3br/3ba. As can be seen on the below graph, the rents have been steadily increasing again after a dip in 2009.
For investors the GRM has gone down as expected due to increasing rents and lower prices. This should make the community more attractive to investors. It may also make it more attractive for some owners to rent out the home as opposed to selling.
Idylwood Towers is a great place to call home and the prices are still low. Coupled with the low interest rates this is a great time to buy. If you would like to discuss selling or purchasing in Idylwood Towers, 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.