Subdivision Analysis: Potomac Station 2011 07 06Posted: July 6, 2011
Potomac Station Homes Selling at Faster Pace than Last Year
(Leesburg,VA) – Twenty-five detached homes have sold in Potomac Station so far this year. Three of them were short sales and none were bank owned homes (12 percent shareof distressed sales vs. 19 percent in 2010). The annualized pace suggests roughly 60 homes will sell this year, 18 more than last year (+43 percent). This is remarkable since the First Time Buyer’s Credit is no longer offered like it was in the first half of 2010. The year-to-date median sales price for detached homes in Potomac Station was $465,000 (as of May 31st). These homes were originally priced 6 percent
higher than the homes sold last year but were eventually discounted an average of $31,000 before they were sold. The final result was an average close price not much different than it was in 2010. However, the average seller subsidy declined 44 percent compared to 2010 to $3,100 or so, which is a positive indicator. On the other hand though, the average number of days to sell increased 86 percent from 42 days in 2010 to 78 in 2011.
As of July 6, 2011, there were nine active listings and five pending sales in Potomac Station. Only one of the active listings and two of the pending sales were distressed, all short sales. The active listings have been on the market an average of 90 days and the pending sales were on the market 72 days, on average. The current list price is roughly $516,000 for both the active listings and pending sales (+3 percent vs. 2011 average list price at sale).
Confounding expectations like the detached homes, three townhouses sold in Potomac Station per month through May 31st (on average) and at this pace will exceed 2010 totals by four units this year (+12 percent). The year-to-date median sales price ($280,000) though was 8 percent behind the median in 2010. Original list prices and average close prices were 5 percent behind those in 2010 but the average seller subsidy declined by 24 percent. The lower prices apparently contributed to quicker sales, the average days on market in 2011 is only 27 days compared to
37 days in 2010 (-27 percent). The share of distressed sales (bank owned homes and short sales) though was consistent from 2010 to 2011 at about 60 percent.
Seven townhomes in Potomac Station have pending contracts as of July 6th. They were on the market an average of 34 days, have an average current list price of $304,239 and 57 percent of them are short sales (no bank owned properties). The nine active listings have been on the market for an average of 35 days, have an average current list price of $330,644 (14 percent higher than the 2011 average list price at sale), and only 33 percent are distressed. Interestingly, two active listings have had price increases since entering the market.
If you’d like to know what’s going on in your subdivision, call Rosemary deButts at Atoka Properties (540/338-7770, x301).