Dominion Valley Executive/Classic Report: November-December 2021
The end of the first full February work week is here. Getting this new Dominion Valley focused website up and running has been an exciting task. Compiling the market data is really the most time consuming part. I can understand the draw to cut and paste market reports provided by third party companies. Of course, market data is only as relevant as the sold properties are relevant to your own. That is why we started SellingDominionValley.com where we compile our own market reports.
Today we bring you the first edition of the Dominion Valley Executive/Classic Report. It is laser focused on sales of homes built by Toll Brothers in the Executive and Classic collections. Between both collections there are fourteen floor plans. The frequency of this report is going to be every other month. As we get started, this first edition looks back to the last two months of 2021.
During November & December, there were five homes from the Executive and Classic collections that sold. The details of those sales are detailed below.
The things that stand out to a real estate professional like myself are that only two of the five sales sold above original list price. Two others took a substantially longer time than others to go under contract. Finally none of them gave any seller subsidy (closing cost help to buyers.)
Taking these five sales along with all the Executives and Classics that sold in Dominion Valley during all twelve months of 2021, we are able to pull out six and twelve month data points that will show us market trends.
Starting with sold prices, we find that the six month average is higher than the twelve month average. This would indicate that prices were increasing for homes in the Executive and Classic collections. However, the six month median being unchanged compared to the twelve month median sold price would indicate more stability in price. Time will tell as we move into 2022.
Seller subsidy tells a very easy to understand tale. Sellers are in control and buyers are not making seller subsidy requests. Not one seller in twelve months worth of sales in the Executive and Classic collection homes had to give any closing cost help.
Finally, days on market shows an uptick in both six month average and six month median marketing times compared to their respective twelve month counterparts. Average marketing time increase five days while median marketing time increased three. These increases are nothing to get excited about. Again, getting well into 2022 will let us know if this was the cooling off of the last half of 2021 we are seeing, or a legitimate shift in the market.
If you placed your Executive or Classic collection home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks. You could also expect to give nothing in seller subsidy. When it comes to offers, you may find buyers still willing to waive inspection requests and appraisal contingencies, or offer low appraisal guarantees. The beginning of 2022 has been just as frenzied as the start of 2021.
The next Dominion Valley Executive/Classic Report will be out in March. Until then, if you are facing a move in 2022, it is never too early to consult with us. Combined, we offer over thirty-two years local real estate experience and will bring the professional marketing and negotiation skills to max out your bottom line. We love Selling Dominion Valley!