Dominion Valley Estates Report: January-February 2022
Before we end the month of March, it is time for another Dominion Valley Estates Report. This market report is compiled by us, especially for Estate home owners in Dominion Valley. Each report looks back on the previous two months of sales and keeps tabs on six and twelve month data points to track market trends.
There were no sales in the months of January and February of Dominion Valley Estate homes to report. However, that doesn’t mean that we don’t have updated six and twelve month values. By dropping the January and February 2021 Estate home sales, those data points are updated as seen below.
Starting in the sold price column, it is clear that values of Dominion Valley Estate homes are continuing to rise with both the six month sold prices above their respective twelve month values. Considering the market conditions have too many buyers competing for very limited inventory, that is exactly what we would expect to see.
The seller subsidy column is where we get to see how much closing cost help Dominion Valley buyers were able to negotiate from their Estate home sellers. The only value that is not zero is the twelve month average. Out of seventeen Estate home sales in the last twelve months, only three sellers gave seller subsidy. Two amounts were substantial at more than $10,000. However, a smaller amount slightly over $1,000 leads us to believe it would have been a credit in lieu of repairs. Probably the best way to look at this is through the median values which show zero seller subsidy. This simply means that more than half of the sellers in both time frames gave nothing in seller subsidy. And with the six month average also being at zero, no Dominion Valley Estate home seller in the last six months has given any at all.
Days on the market shows consistency with four days in all but the twelve month average marketing time. That twelve month average is the highest at ten days on the market. There were homes in the past twelve months that took longer than that to go under contract, but the average and median values are super fast. If you are priced right, properly prepared and professionally marketed, the time to go under contract should not be long at all.
If you placed your Dominion Valley Estate home on the market, priced to current conditions, you could expect it to be under contract in less than a week. Given market conditions with continued limited inventory and high buyer demand, you could also expect offers to be very seller favorable in just about every possible term.
The next Dominion Valley Estates Report will be out in May. Until then, if a relocation is in your future, or you are just considering the idea of downsizing, please do not hesitate to reach out to us. Conditions alone are never what generates top dollar. That comes from proper preparation, professional marketing and skilled negotiation. With over 33 combined years of local real estate experience, we offer everything you need to hit the top of any market. Consultations are confidential. Reach out and find out what we can do for you. We Love Selling Dominion Valley!