Real estate in the Pimmit Hills subdivision in Falls Church has continued the climb from last year with 59 sales this year to date (2013) against 47 in 2012. The demand on the the lower end has been strong in particular with tear downs and basic ramblers appreciating considerably.
Buyers have really caught on to the great value of the location and large lot sizes in Pimmit Hills. Where else can you get a single family home on a quarter acre lot minutes from Tysons Corner for about $450,000?
The number of foreclosures and short sales in the community has kept going down – in 2012 there were 4 foreclosures and no short sales – this year to date there has be no foreclosures and no short sales.
6 homes are available for sale in Pimmit Hills as of today. The lowest priced one is a 3br/1ba listed at $424,000 and the highest priced is a 6br/4ba at $699,900. 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. Soldsense has therefore tracked sales of the 884 sq/ft 3br/1ba ramblers in the neighborhood over the last 15 years. We have tried to exclude homes with rear extensions, finished basements 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 (particularly in a neighborhood as diverse as Pimmit Hills.)
As you can see from the above graph the prices in Pimmit Hills were pretty stable 2009-2012.
Prices in the neighborhood jumped significantly the first 11 months of this year (2013) – the average sales price of a 884 sq/ft rambler jumped 30% from 2012 to 2013!!!
Some of that may be from the homes being more updated, however it is likely also fueled by limited inventory, low interest rates, reasonable prices in the community and excitement about everything happening in Tysons Corner. Tysons Corner is seeing a great transformation and Pimmit Hills will continue to be the best deal for single family homes in the area.
After a dip in rentals for 2011 the number of rentals were 40 in 2012 and 39 homes have rented so far in 2013. Rental prices seem to be pretty steady.
Pimmit Hills is a great neighborhood in a fantastic location. 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.
Are Andresen Broker, Soldsense Realty LLC “Your sixth sense in real estate”