As your go-to Northern Virginia Realtor, I work to supply real estate market updates for numerous communities and condominiums throughout the Fairfax County Area.
Not only is Kingstowne the second-largest planned community in the region, but it also has resort-like amenities for residents to enjoy.
Kingstowne Real Estate Market Report - April 2020
Despite millions of American’s filing for unemployment, the Northern Virginia market is still going strong.
April Sales numbers in Kingstowne may surprise you.
Let’s look at a few numbers for the 22315 zip code before we start talking about Kingstowne.
22315 Market Snapshot
Kingstowne represented just shy of 50% of the transaction that occurred in the 22315 zip code. Another reason why people call the entire zip code, The Kingstowne Area.
Active listings were down by 47% Year over Year.
New Listings were also down 21% Year over Year.
And, finally, Pending Listings were down 22% Year over Year.
What does this mean?
Less inventory for buyers to purchase.
Low inventory will keep home prices up no matter what happens in the market.
Now that you have an idea of what’s going on with the area surrounding Kingstowne, let’s look at the numbers.
Kingstowne Highest Home Sale
- 11 days – Days on Market
- 824,900 – Original List Price
- $801,000 – Sales Price
- No Seller Subsidy
- $758,000 – **Estimated Net to Seller
Kingstowne Lowest Home Sales
- 2 days – Days on Market
- $237,900 – Original List Price
- $237,900 – Sales Price
- $1,200 – Seller Subsidy
- $223,000 – **Estimated Net to Seller
Kingstowne Most Challenging Transaction
Let’s define “Most Challenging” by the transaction that took the longest to close.
That award goes to 7502 Oldham Way.
This townhouse located in the South Village down the street from Lane Elementary school took a whopping 30 days to close.
That’s a lot when you consider the average townhouse sold in SIX DAYS.
Let’s breakdown the numbers and then we will continue speculating about the reason why this property sold FIVE TIMES SLOWER than other Kingstowne Townhomes during this same time period.
Here’s a breakdown of the numbers:
- 30 days – Days on Market
- $600,000 – Original List Price
- $545,000 – Sales Price
- $15,000 – Seller Subsidy
- $495,000 – **Estimated Net to Seller
** This figure assumes that there’s no mortgage on the property. Click here to calculate the Seller Closing Cost for your Kingstowne Single Family Home.
A couple of things I see wrong with this from the surface.
- Why did the home come on the market at that high of price without being fully staged?
- The interior paint color was not neutral and could be the reason why the property took so long to sell.
- We can’t say that the pandemic caused the home to take a long time to sell because similar sales occurred in a fifth of the time.
- The seller walked away with almost $100,000 less than the Orignal List Price
Compared to my peers, I like to price my properties aggressively to increase the amount of money my clients receive from the sale of their property.
So, it’s not uncommon to see my properties priced above the market and it’s very common to see my sales prices set the bar for the highest sales in the community.
It’s also possible that the homeowner if the individual who sets the price for the property.
This is a great example of how overpricing your home could lead to you get significantly less than your expectations.
The real estate market in Kingstowne is moving fast, even during the coronavirus. If you’re in the market to sell your home in Kingstowne, please reach out to me for more information.
Keller Williams Realty Kingstowne
5971 Kingstown Village Pkwy, Ste 110
Alexandria, VA 22315
Licensed in the Commonwealth of Virginia