Dominion Valley Executive/Classic Report: March-April 2022
Spring is about to turn the corner to the unofficial start of summer. Memorial Day weekend picnics and enjoying the community pools are no doubt front and center on many minds in Dominion Valley. Before we dive headlong into a summer mindset, let’s take a pause and look back at the Dominion Valley real estate market as it relates to the Executive and Classic collection homes in the neighborhood.
Last report we had absolutely no recent sales to report. March and April’s activity is strong. There were ten Executive/Classic homes that sold and the details of those sales are listed below.
Final sold prices ranged from $915,000 to $1,495,000. The majority of sales fell just over $1,000,000. At a glance, it is fantastic news to would-be Dominion Valley Executive/Classic home sellers that not one of these sellers in March and April gave any seller subsidy, more commonly known as closing cost assistance to buyers. It is just as pleasing to see that the longest one of these homes took to go under contract was eight days.
Taking these most recent Executive/Classic home sales and combining them with the entire past twelve months of home sales like these dating back to May 2021, our six and twelve month data points are updated. They continue to reflect a strong seller’s market.
The sold price column is always the natural place to start. Great news here is that the six month average and six month median sold prices are higher than their respective twelve month values. This means Executive/Classic homes are continuing to gain value.
Seller subsidy has been been non-existent, not just in the past two months of sales, but in the entire past year’s worth of Executive/Classic home sales in Dominion Valley. In order to land themselves under contract on a home, buyers are having to write seller favored offers. Other trends not reflected here may also be the continued waiving of home inspections and appraisal contingencies.
Days on market is single digits down the line. The average days on market suggests it would take a week and a day to go under contract. Recent sales show that is the longest it took for an Executive or Classic home to go under contract. The six month median value of four days is probably more on target.
If you placed your Dominion Valley Executive or Classic home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could aslo expect to give nothing in seller subsidy.
The Dominion Valley real estate market is undergoing the same slight shift the entire Northern Virginia market is feeling. Buyer demand is still high, but increased mortgage rates have put additional affordability pressure on buyers. While there are many more buyers in the market than homes available for them to purchase, the frenzied multiple offer scenarios are cooling off. Buyers are acting more deliberately. In no way does this mean we have entered into an even stable market. No. It is still a sellers market, just not as fast paced and insanely hectic.
The next Dominion Valley Executive/Classic Report will be out in July. By then we will know what late spring meant in our real estate numbers. Until then, if the time comes for you to sell your Dominion Valley home, we would love to be considered for the job. Reach out and see what our over 33 years of combined, local real estate experience can add to your bottom line. Consultations are confidential. We Love Selling Dominion Valley!