Regency Condo Quarterly: 4th Quarter 2021

Regency Condo Quarterly: 4th Quarter 2021

It is a pleasure to bring you the very first Regency Condo Quarterly market report. This report looks back at condo sales in Regency at Dominion Valley and tracks trends through comparing six and twelve month data points. While the six and twelve month data points will come from all twenty-three Regency condo sales in 2021, the sales detailed will be only from the fourth quarter, which includes October, November and December.

There were six Regency condo sales in the fourth quarter. Details are listed below:

These sales were comprised of only two floor plans, the Foxfield and the Oahkhill models, two floor plans very similar in size. That is why the ranges of sold prices is fairly tight. Of course, there are a couple of things that stand out like “sore thumbs” as my mother would say. The first is the ten thousand dollar seller subsidy given in the last Regency condo sale last year. That’s a lot of money. The other values that stand out are the $420,000 sold price and the two longest marketing times of twenty-eight days and seventeen days. No coincidence that the two sales that took longer to attract buyers are the only ones that did not sell for list price. Pricing right at the outset is critical.

Taking all of these sales and combining them with all the Regency condo sales from 2021, the six and twelve month data points from which we find our trends are compiled to reveal the following:

We will start in the sold price column because it is unlikely anyone’s first interest lies in seller subsidy or days on market. Regency condo owners want to know first and foremost, the likely value of their own condos. The trend is upward growth in value. Both the six month average and six month median values are higher than their respective twelve month values. The highest growth rate between six and twelve month values is found in the averages, with 2% growth in six months. The median growth rate is lower at 1.3%. Overall, the second half of 2021 was definitely not as hot as the first half of 2021. And so far, from what we are seeing, 2022 is starting out more like the beginning of 2021 than the end of 2021. We suspect we’ll see continued increase in value in our next report.

Seller subsidy is where we learn how much closing cost help Regency condo buyers were able to negotiate from their sellers. In all twenty-three Regency condo sales from 2021, only three gave any seller subsidy. That is why our average values are so low and the median values are at zero. Clearly, the vast majority of Regency condo sellers had to contribute absolutely nothing to their buyers closing costs. If you hire professional agents like us, you minimize your chances of having to give any as well. The best negotiating starts with professional presentation. And that is where creating buyer enthusiasm happens. In the condo we listed earlier this January, we had fifteen offers and all were above list. Can you imagine? The listing preparation, proper pricing, staging and professional photography all brought the buyer enthusiasm to its height.

Finally, days on market shows a great trend. Both six month values are lower than their respective twelve month values. This, like seller subsidy, is a category where lower is better. It has been taking less time to sell in the last six months than it did earlier in the year. Market demand for Regency condos is clearly strong.

If you placed your Regency condo on the market, priced to current conditions, you could expect it to be under contract a week or two. You could also expect to give nothing in seller subsidy.

The next Regency Condo Quarterly will be out in April. Until then, if a situation arises that makes the sale of your condo necessary, get in touch with us for a no obligation consultation. We understand that in addition to making the absolute most the market will bear, that our Regency Condo sellers need as stress free a move as possible. Bringing compassion into the mix doesn’t limit our ability to make the most when you liquidate your largest asset. Our skill sets are unmatched and we look forward to helping you. We love Selling Dominion Valley.