When consumers start thinking of buying or selling a home, the first that pops into most everyone’s mind is spring market — the time of year when the most inventory comes on and when competition is at its fiercest. However, with 90 percent of homebuyers today starting their search online, along with the masses of information available online before ever engaging with a real estate agent or mortgage lender, the traditional guiding principles seem to be something of the past.
Here are the five residential transactions that closed for the highest dollar amount in 2016:
- 11990 Market St. #2101 sold for its full asking price of $1.6M. The 1BR/3BA, 2,075 sqft penthouse-level unit carries a condo fee of $1,165.42/month.
- 1830 Fountain Drive #1505 sold for $1.525M (listed at $1,549,900) received a contract after 234 days on the market. The 3BR/3.5BA penthouse in The Paramount boasts 3,000 sqft and a $1,178/month condo fee.
- 1484 Waterfront Road, $1,347,500 (5BR/3.5BA)
- 2637 Fox Mill Road, $1.335M (5BR/5FBA/2HBA)
- 11570 Lake Newport Road, $1.3M (5BR/3.5BA)
Comparatively, in 2015, here are the five residential transactions that closed for the highest dollar amount:
- 11308 Stoneledge Court, $2.3M (8BR/11FBA/2HBA)
- 11990 Market St. #2104 closed at full asking price of $1.7M. The 2BR/2.5BA penthouse unit of 1,986 sqft has a $1,041.78/month condo fee.
- 11310 Stoneledge Ct., $1.6M (5BR/7BA)
- 1203 Bishopsgate Way, $1.5M (7BR/6.5BA)
- 11569 Lake Newport Road, $1.5M (4BR/3.5BA)
As of Jan. 1, 2017, there are 157 properties on the market in Reston for sale, ranging from $129,990 for a 1BR/1BA in Thoreau Place (a 55+ community) to $1,299,900 for a 5BR/4.5BA single family home in the Estates at Wyndham Hills.
A new administration, rising interest rates and a housing market that continues to be competitive will make 2017 an interesting year for real estate. Here’s what I’ve seen on the ground this year in Northern Virginia and Washington, D.C. and predict for the year ahead.