Real estate in the Pimmit Hills subdivision in Falls Church did great in 2011. Over 50 homes sold during 2011 and at a higher “similar home average” than in 2010! The increase in prices is not that significant but the trend seems clear – prices have stabilized and are slowly increasing (graph later in this post.)
So, is the turnaround in prices here to stay? 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 Pimmit Hills. In 2011 the percentage of distressed sales is down to 18%. That is a great thing for homeowners in the community. It does also look like foreclosures were replaced with short sales in 2011with 7 short sale closing and only two foreclosures.
For 2011 the lowest price sale was a 3br/1ba home at $280,000. The highest price was a 7br/5.5ba newer home that sold for $890,000. The average price for all homes sold was up from $391,208 in 2010 to $411,889 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 94.6% of the original list price and 97.4% of the final list price.
Tip: If you are looking to purchase in Pimmit Hills there is often room to negotiate on the price.
There are 6 pending home sales in Pimmit Hills as of 1/19/2012 with asking prices on those properties in the $294,900-$779,900 range. Three are short-sales and three are normal sales.
The average days on market in 2009 was about 60, in 2010 just 26 and in 2011 about 64 days again. There is a high demand for homes in Pimmit Hills but they do take longer to sell in 2011 than in 2010. The higher number of short sales could account for some of the difference in price – but even without the short sales the days on market the average time for a home to sell is still above 50.
Tip: If you are looking to sell in Pimmit Hills make sure you don’t overprice. Homes take longer to sell and time is money.
8 homes are available for sale in Pimmit Hills as of 1/19/2012. The lowest priced one is a 3br/2ba listed at $379,000 and the highest is priced is a 8br/8.5ba at $1,299,000. 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 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 exclude homes with rear extensions, basements, attached garages 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 have been pretty stable since 2009. This year prices have been going up for the first time since 2005! It is not a big increase but with the national trends for real estate and jobs any increase is great news.
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.
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 jumped 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 18 homes rented in 2011 versus 41 in 2010. This reduced supply may account for the sharp increase in rents (the limited number of homes sold this year makes the 2011 rent statistics a bit unreliable.) It is unclear why the number of units rented were so low this year. Maybe tenants sign longer leases and stay longer in their homes with rents going up everywhere else?
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 better 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.