Dominion Valley Estates Report: November-December 2021
As I sat and sipped my Godiva Chocolate Truffle Coffee this morning, I was wrapping up the Dominion Valley market reports for the tail end of 2021. Undertaking the compilation of unique market reports for different styles and sizes of homes in Dominion Valley is work intense, but worth so much more than cutting and pasting neighborhood or zip code reports provided by third parties. Sandra Reynolds and I had dedicated ourselves to knowing the Dominion Valley market inside and out. You don’t get there by osmosis. You get there by diving into the market stats. It gives us a great sense of pride to bring these report to the fellow home owners of Dominion Valley.
This first edition of the Dominion Valley Estates Report focuses on sales of Estate homes built in the neighborhood, comprised of several floor plans designed by Toll Brothers. These homes are grand and elegant and sit atop the largest lots in the neighborhood.
There was only one Estate home that sold in Dominion Valley during the last two months of 2021. The details of that sale are listed below.
During what many believe is the slowest time of the year, this Estate home went under contract in only four days and sold $100,000 above list price. Our year end market is a very powerful one. The 2021 market shifted a bit in late June. Believe it or not, the late summer is traditionally the time we see the least amount of buyer activity and the most amount of sellers on the market. Not a great combination when you are selling. The year end sees an increase in serious buyer interest as the Federal government starts a new fiscal year October 1st, creating more jobs and providing raises. Then we move into the “home for the holidays” emotional pull. Selling a home in the fourth quarter can be very profitable.
Taking this sale and combining it with the entire past year of Dominion Valley Estate homes, we pull out six and twelve month data points that give us market trend indicators. We look at sold price, seller subsidy (closing cost help to buyers) and days on market.
Starting with the sold price column, it is great news to see both the six month average and six month median sold prices above their respective twelve month values. This means that Dominion Valley Estate homes are continuing to push up in value.
Seller subsidy shows a decrease from the twelve month average to the six month average. Meanwhile, both six and twelve month median values at zero tell us that more than half of Dominion Valley Estate home sellers gave nothing in closing cost help. In fact, in all of 2021 there were eighteen Dominion Valley Estate homes that sold. Only four gave any seller subsidy. And of the four, one had an amount low enough to make experienced agents like Sandra and me to think it was a repair credit.
While both the sold price and seller subsidy values are trending one direction, marketing time is trending another. The six month average marketing time is one week longer than the twelve month average marketing time. When it comes to comparing six and twelve month median values, we see only a one day increase. Obviously, these average and median marketing times are still very fast. We will have to wait until next report to see if this was a blip or is a continuing trend. Based on the most recent sale listed above, it is most likely a blip.
If you placed your Dominion Valley Estate home on the market, priced to current conditions, you could expect it to be under contract in about a week or two. You could also reasonably expect to give nothing in seller subsidy. And if the beginning of 2022 is any indication of what lies ahead, your offers would likely be from buyers waiving contingencies or offering low appraisal guarantees. So far, 2022 is starting out like 2021 with that intense buyer frenzy fighting over the few homes for sale.
The next Dominion Valley Estate Report will be out in March. In the time between this report and the next, if a move is on the horizon for you this year, it is never too early to consult with us. With expertise in design, we can give you market preparation tips. And when the time comes to list, our professional marketing and negotiation skills will make sure you don’t leave a dime on the table. Put us to work for you. We love Selling Dominion Valley!