Dominion Valley Single Family Home Report: November-December 2021

Dominion Valley Single Family Home Report: November-December 2021

Welcome to the very first edition of the Dominion Valley Single Family Home Report. This report focuses on sales of detached homes in the Toll Brothers’ collections the Fairways, Carolinas and Villas. Between all three of those collections are a variety of fifteen floor plans. If you aren’t sure if this is the report most appropriate to your home, please email us at homes@SellingDominionValley.com and we will get you pointed in the right direction.

This report focuses on sales of Fairways, Carolinas and Villas in Dominion Valley for the last two months of 2021. During that time, there were only four that sold. The details of those sales are listed below.

There is a lot of information in that graphic in some very small type. Stand outs, looking at these four sales, we see only one of these offered a main level bedroom and full bathroom. All but the first sale could claim premium lots. One of the four sales gave a substantial amount of closing cost help (seller subsidy.) That same sale was also on the market for nearly two months. Finally, only one of these four sales sold above list price.

In total, there were one-hundred and two single family homes from the Fairways, Carolinas and Villas that sold. When we take a snapshot of the six and twelve month data points for sold price, seller subsidy and days on market, here is what we see:

These are the most important numbers because they help us identify trends in the Dominion Valley real estate market.

Starting with sold price, we see both the six month average and the six month median values are higher than their respective twelve month values. This means that Dominion Valley homes are still going up in value. Whether the rate of increase will be as dramatic as it was during the first half of 2021 in our larger real estate market, is yet to be determined. If the first couple months of this year are any indication, the calming we felt in the second half of 2021 is history.

Seller subsidy was given in only eight of the one-hundred and two sales accounted for in Fairway, Carolina and Villas sales in 2021. Of those eight seller subsidy values, two looked low enough to be repair credits. The remaining six were closing costs, likely negotiated up front by their buyers. Averaging closing costs out isn’t the best way to really get an expectation when you are ready to sell The medians are better bets. In both the six and twelve month time frames, more than half of sellers gave nothing in closing cost help.

Days on market values are higher in the six month values compared to their respective twelve month values, but probably only due to the calmer approach buyers took in the second half of 2021. The all out buyer frenzy from January to June calmed abruptly come summer vacation time. Still, single digit average and median values show a very strong seller’s market.

If you placed your Dominion Valley Fairway, Carolina or Villa on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could also expect to give nothing in seller subsidy. Contract wise, buyers are frenzied again and dropping contingencies, offer low appraisal guarantees and right to void only home inspections are more common.

The next Dominion Valley Single Family Home Report, focusing on sales of Fairways, Carolinas and Villas will be out in March. Until then, if 2022 looks like it has a move in store for you, consult with us to max sure you get the absolute max the market will bear. Through our over thirty-two years of combined, local real estate experience and professional marketing, we will get buyer enthusiasm to its height and make sure you don’t leave a dime on the table. Sadly, even in a seller’s market, some sellers do . Get in touch with us for a no obligation consultation. We Love Selling Dominion Valley!