Dominion Valley Carriage Quarterly: 4th Quarter 2021

Dominion Valley Carriage Quarterly: 4th Quarter 2021

What better to do on a rainy, dreary Friday than introduce you to the Dominion Valley Carriage Quarterly. This report covers the last three months of 2021 for the larger attached homes built by Toll Brothers in Dominion Valley. Those floor plans include the Gladwyne, Rosewood and Vanderbilt.

There were only three Carriage homes that sold in Dominion Valley during the fourth quarter of 2021. Those are detailed below.

Taking these three sales and the entire past year’s worth of Dominion Valley Carriage home sales and parsing out six and twelve month data points for sold price, seller subsidy and days on market, is how we can determine market trends. The six and twelve month data points for Carriage homes in Dominion Valley are right below this paragraph.

Sold price is where every Carriage home owner has the most interest, so it is only natural to start there. We see differing information when comparing the six month values to their respective twelve month values. The six month average sold price is a bit higher than the twelve month average sold price. This would be an indicator of seller market conditions increasing values in the neighborhood. However, the six month median price is below the twelve month median sold price. This comparison would indicate a cooling off of the seller’s market. This is why we run both the average and median values.

From our personal experience, the first half of 2021 was a barn burner for sellers. Buyers were frenzied, going seven to ten percent above list price and foregoing inspection requests and in some cases, even waiving appraisal, just to get under contract. The second half of 2021, while still seller favored, was more a typical seller’s market. Multiple offers on well presented and well prepared homes, but buyers were more measured in their offers. From the feel of what’s happening to date in 2022, I think we are seeing conditions more like the first half of 2022 currently. In other words, I am not concerned that Dominion Valley Carriage homes are losing value.

Seller subsidy, in case you weren’t familiar with the term, is closing cost help buyers negotiate from sellers. As you can see, it is zero down the line. This means that no Dominion Valley Carriage home seller gave any seller subsidy at all last year. That in and of itself indicates a healthy seller’s market.

Days on market does show a trend that goes along with what was seen in the second half of 2021. Both six month marketing time values were double what their twelve month marketing time values. The second half of 2021 slowed as buyers took themselves out of the market and made up for the vacations they were uable to take in 2020. And when they returned to the market, enough sellers were on the market to make the buyers feel less desperate, so they acted slower and more deliberately. Again, what we are seeing in early 2022 is more like the frenzied first half of 2021.

If you placed your Dominion Valley Carriage home on the market, priced to current conditions, you could expect it to be under contract within a week. You could also expect to give nothing in closing cost help. Your property, if well prepared and professionally presented, would likely draw multiple offers and get some with no inspections or right to void only inspections, low appraisal guarantees or appraisal waivers entirely.

The next Dominion Valley Carriage Quarterly will be out in April. Until then, if the need or want to sell your Carriage home arises, we would love to be considered for the job. Our over thirty-two years of professional real estate experience is just the tip of the iceberg. Backgrounds in architecture, community planning, marketing and communication are all powering this real estate engine to make selling your Dominion Valley home the absolute max the market will allow. Reach out and let’s talk. We Love Selling Dominion Valley!