Dominion Valley Single Family Home Report: March-April 2022
Spring has come and is nearly gone. Memorial Day weekend is right around the corner. The unofficial start of summer means sun in the fun at the Dominion Valley pools. Meanwhile, these Dominion Valley real estate agents are hard at work compiling another Dominion Valley Single Family Home Report. This is the report that looks at sales activity of homes in the following three collections: Fairways, Carolinas and Villas.
During the current reporting period, there were eleven Dominion Valley homes that sold. Final sold prices ranged from $740,000 to $1,050,000. Details of all eleven are listed below.
A quick glance at the sales above tells us that all but one of the eleven sales sold above its list price. All but one gave no seller subsidy (closing cost help to buyers.) Finally, all of them were under contract in six days or less.
Taking all eleven of these sales, combined with the Dominion Valley single family home sales dating back to May 2021, we get one year’s worth of home sale data. Extracting our six and twelve month market markers from them, here is what we find:
Starting in the sold price column, we see very healthy increases in both six month sold prices over their respective twelve month sold prices. This means that Dominion Valley single family homes have continued to gain value despite rising interest rates early in the year.
Average seller subsidy values are very low. Only nine sales out of eight-five over the past year have given any closing cost help. Four of those nine gave $2,500 or less. In our minds, those lower seller subsidy values most likely account for repair credits given during home inspection negotiations. More importantly, the vast majority of Dominion Valley single family home sellers gave nothing in closing cost help to their buyers in both time frames.
Days on the market lengthened by one day in the six month average compared to the twelve month average. The six and twelve month median marketing times remain in agreement at five days. Single family homes in Dominion Valley have been going under contract very quickly.
If you placed your Dominion Valley home on the market, priced to current conditions, you could reasonbly expect it to be under contract in a week or so. You could also expect to give nothing in seller subsidy.
The next Dominion Valley Single Family Home Report will be out in July. Until then, keep an eye on our most recent listing at 15668 Ryder Cup Drive. We are so proud of our home sellers who took our listing preparation advice to heart and did the work needed to ready themselves for the market. Stop by and see it for yourself Sunday, May 22nd between 2pm and 4pm.
If a move is in your future, don’t hesitate to reach out for a confidential consultation. With over thirty-years combined local real estate experience, we have the skills to get you the top of any market. We Love Selling Dominion Valley!