Dominion Valley Executive/Classic Report: January-February 2022

Dominion Valley Executive/Classic Report: January-February 2022

Spring is here in Dominion Valley. And with the first two months of the year behind us, it is time for another Dominion Valley Executive/Classic Report. This particular market reports focuses on homes built by Toll Brothers in the Executive and Classic collections. All told, there were fourteen floor plans from which to pick for the Executive/Classic original home owners. If you aren’t sure if this report pertains to you and your Dominion Valley home, send us a note at Homes@SellingDominionValley.com. We will be happy to direct you to the appropriate report.

During the months of January and February, there were no Executive or Classic collections homes that sold. You might be wondering what good this market report is doing. Just because there are no new sales to report, our six and twelve month data points that are tracked in this report are updated with all the sales going back to March 2021. This means we drop the sales from January and February 2021. Our updated figures look like this:

Going right to the sold price column, which is where everyone would naturally want to start, we see that the six month average sold price is higher than the the twelve month average sold price. This would indicate Executive/Classic homes are gaining in value. However, the six and twelve month median values are identical, which may indicate some slowing of growth. The second half of 2021 was noticeably off pace with the buyer frenzy we saw in the first half of the year. By next report, we should have some sales to report and freshen up these values.

Seller subsidy, also known as closing cost help to buyers, is zero down the line. It doesn’t get better than that for Dominion Valley Executive/Classic sellers. Not one seller of this Executive or Classic homes gave any closing cost help in the last twelve months. Not unusual given the higher buyer demand, which pits buyers against each other for the limited number of homes on the market.

Finally, days on market shows a trend toward lengthening amounts of time to get under contract. Both six month values are higher than their respective twelve month values. This is also likely to change in a more seller favorable direction if the first two months of the 2022 real estate market are any indication.

If you placed your Executive/Classic home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You could also expect to give nothing in seller subsidy. Buyers may even waive appraisal and home inspection contingencies just to be the winning bid if demand keeps up and inventory remains limited.

The next Dominion Valley Executive/Classic Report will be out in May. Until then, if you would like to talk about what a 2022 sale would mean for you, please don’t heistate to reach out. Listing in a seller’s market is not a guarantee of a top of market price. Buyer enthusiasm must be present to reach that pinnacle. That means being properly prepared for market and professionally marketed. Of course, our jobs don’t end there. Our combined 33 years in the local real esate market have given us negotiation skills that will work to keep you in the best possible contract terms. Consultations are confidential. Let us know when you would like to talk. We Love Selling Dominion Valley!