The market activity at Idylwood Towers has slowed a lot this year. The prices are also continuing to go down (apart from a small bump in 2010.) There were 22 homes sold in 2011 – up to this point only 7 homes have sold this year (8/17/2012.) The lowest price was a junior 1br/1ba at $135,000. The highest price was a 2br/2ba property at $222,000 (that asked $250,000 initially…)
As can be seen by the graph to the right, the percentage of distressed sales seems to have gone up again this year (due to the small number of distressed sales it can’t really be relied on as a trend though.)
As of 8/17/2012 there are 4 pending sales at Idylwood Towers. 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 $163,000 to a 2-bedroom home listed at 229,000. 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.
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 and 2012 (YTD) are going back to 2009 levels and below. Falling prices and few sales indicate that Idylwood Towers just isn’t that hot right now with purchasers.
Moving on to better news – rentals. The rents keep going up this year. 16 properties rented year to date in 2012, compared to 28 properties rented in 2011. There is currently only 1 property listed for rent – a 1br/1ba listed at $1575. As can be seen on the below graph the rents have been increasing nicely the last few years.
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.