Alexandria, Lorton, Woodbridge Virginia Real Estate: Gunston Corner Real Estate Update

Gunston Corner is a planned community of 99 townhouses located in Lorton VA. The community also offers a nice selection of single and multi-level condos from which to choose. Gunston Corner is located just minutes away from Interstate 95 and is less than a 30-minute drive to Washington, DC. For added convenience, Gunston Corner is located within minutes from preferred schools, restaurants, shops, recreational facilities, and other amenities located in and around the Lorton area.

For ease of commuting, Gunston Corner is located within a 15-minute drive to the Franconia-Springfield Metro Station and also provides easy access to the Virginia Railway Express commuter train and theFairfax County Connector. For ease of parking, a Park and Ride Lot is less than one mile away from the community of Gunston Corner.

Gunston Corner Market Update

Currently, there are 4 active condo and townhouse listings in Gunston Corner and 1 listing under contract. Average statistics for these listings are as follows:

ACTIVE (4)
		List Price	BR	BA	FB	HB	DOMM	Lot Sqft	Yr Built
	Min	$159,000	2	2	1	0	1	-	1993
	Max	$215,000	2	2	2	1	136	-	1995
	Avg	$184,464	2	2	2	1	78	-	1994
CNTG/NO KO (1)
		List Price	BR	BA	FB	HB	DOMM	Lot Sqft	Yr Built
	Min	$269,900	4	3	3	0	18	2,077	2000
	Max	$269,900	4	3	3	0	18	2,077	2000
	Avg	$269,900	4	3	3	0	18	2,077	2000

Since January 1, 2011, a total of 17 homes have sold in Gunston Corner including 5 townhouses and 12 condos. Homes sold include 4 short sales and 2 foreclosures. The average "sold price" of these homes is $229,676.

SOLD 2011 (17)
		List Price	Orig Price	Close Price
	Min	$155,000	$155,000	$155,000
	Max	$349,900	$349,900	$340,000
	Avg	$234,218	$239,329	$229,676
	Sum	$3,981,700.00	$4,068,600.00	$3,904,500.00

During the same time period in 2010, a total of 13 homes were sold in Gunston Corner including 4 townhouses and 9 condos. Homes sold included 3 short sales and 1 foreclosure. The average "sold price" for these homes was $244,146.

SOLD 2010 (13)
		List Price	Orig Price	Close Price
	Min	$179,900	$179,900	$177,900
	Max	$359,000	$359,000	$350,000
	Avg	$246,954	$253,200	$244,146
	Sum	$3,210,400.00	$3,291,600.00	$3,173,900.00

Gunston Corner Real Estate Analysis

Looking at the statistics for homes sold in 2011 and 2010, we see that the number of homes sold differ by a total of 4 units, with the majority of homes sold in 2011. This tells us that home sales in Gunston Corner increased by 25% from 2010 to 2011.

Comparing price statistics for homes sold in 2011 vs. 2010, we see that the minimum and maximum price points for closed sales were slightly higher in 2010. However it would be incorrect to conclude that home prices have declined based on these numbers alone! Rather, we must consider the layout, amenities, and condition of the homes sold as demonstrated below.

The minimum price point for homes sold in 2011 is $155,000 compared to $177,900 in 2010. The condo that sold for $155,000 in 2011 was smaller (less square footage) than the condo that sold for $177,900 in 2010. In addition, the 2011 condo had fewer amenities than the 2010 condo. Further, both condos were sold as short sales. All of these things can be used to justify a higher price for the condo sold in 2010.

In comparing the maximum price points for 2011 vs. 2010, the 2011 townhouse sold for $340,000 compared to $350,000 in 2010. Here, the difference in price can be easily justified as the 2011 townhouse has 3 bedrooms and 2 full baths and the 2010 townhouse has 4 bedrooms and 3 full baths.

Overall, home prices in Gunston Corner appear to be relatively consistent for 2010 and 2011. While there has not been a major increase in equity for existing homeowners, home prices are beginning to stabilize, which is definitely good news considering the major drop in home values in recent years.

If you would like to find out how much your condo or townhouse is worth in Gunston Corner, please contact me for a Free Home Evaluation. For additional information on home buying and selling in Gunston Corner, please follow the link to contact me now.

Interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia? Contact me for assistance! My expertise include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, divorce, and relocation.