Real estate in the Pimmit Hills subdivision in Falls Church is doing well in 2012. About 30 homes have sold so far this year with high demand for homes. As usual anything listed in the $300s sell very quickly.
The foreclosures and short sales in the community keep going down – so far this year there has been a few short sales but no foreclosure.
Prices in the neighborhood have stabilized and there is great construction activity throughout Pimmit Hills.
8 homes are available for sale in Pimmit Hills as of today. The lowest priced one is a 3br/1ba listed at $450,000 and the highest is priced is a 5br/3.5ba at $749,999. All of those properties are regular resales. 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 14 years. We have tried to exclude homes with rear extensions, basements, attached garages and so on but we don’t account for interior condition etc.
Our “similar home average” makes it much easier to see what the price trend is in the neighborhood. Otherwise the mix of homes sold would continuously skewing the min, max and average sales price.
As you can see from the above graph the prices in Pimmit Hills have been pretty stable since 2009. The Tysons Corner area is seeing a great transformation and Pimmit Hills will continue to be the best deal for single family homes in the area.
The number of rentals this year is way up – only 18 homes rented in 2011 versus 27 YTD in 2012! The low supply in 2011 likley accounted for some of the increases in 2011 (the limited supply of rental homes makes the 2011 rent statistics a bit unreliable.) In 2012 it seems the rents are back to its general upwards curve (but down from 2011.)
For investors the GRM has been getting better and better since 2005. As the prices stopped going down in 2010 the rents have started creeping up. That has kept making the Gross Rent Multiplier more attractive almost every year since 2005. 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.