Regency Condo Quarterly: 1st Quarter 2022
The last time we checked in with Regency condo values, the weather was a lot more harsh. Hard to believe we even saw snow in March, though nothing accumulated. Thankfully, winter has relented to spring. The trees are coming back to life and flowers are in bloom. The sunshine alone is enough to lighten up our moods. We certainly hope you are enjoying this delightful spring weather.
With the first quarter of 2022 behind us, the time has come to take another look back at the Regency at Dominion Valley condo market and see what has been happening. Let’s start with a look at the first quarter Regency condo sales, detailed below.
The first things we notice looking at these sales is that they both sold above their list price, they gave nothing in seller subsidy (closing cost help) and each of them went under contract in a matter of days.
Combining these first quarter 2022 Regency condo sales with the second, third and fourth quarter sales from 2021, we get one year’s worth of sales. From that we extract the six and twelve month data points from which we track market trends. Our updated market markers are seen below.
Starting with sold prices, we see increased values in both six month values compared to their respective twelve month values. This means that in our seller’s market, Regency at Dominion Valley condos are continuing their upward growth. That trend is unlikely to end anytime soon.
Seller subsidy is where we learn how much closing cost help Regency condo buyers were able to negotiate from their sellers. The six month average is higher than the twelve month average seller subsidy, but both are very low. They are the result of only two Regency condo sellers out of twenty-two in the past twelve months of sales that gave any closing cost help at all. The six and twelve month median seller subsidy values being at zero is much more meaningful. Odds are very slim you would be asked to give any closing cost help if you sold in the near future. Odds are even better if you hire us to build enthusiasm for your condo and put our years of honed negotiating skills to work for you.
Days on market is a measure of how long it takes to go under contract. The six month average marketing time for a Regency condo has shortened significantly from the twelve month average marketing time. The six and twelve month median marketing times are near identical, with the six month median value being only one day faster. Regency condos are selling faster than they ever have. If a Regency condo is on the market for longer than two weeks, there is a problem.
If you placed your Regency condo on the market, priced to current conditions, you could expect it to be under contract quickly. The longest may be a week or a week and a half. You could also expect to give nothing in seller subsidy. Inventory is still very limited compared to the number of buyers in the market. And the steep increase of mortgage interest rates is unlikely to affect the demand of Active Adult buyers, since the majority of their purchases are funded in large part by cashing out a family home. Mortgages taken out to buy tend to be smaller or temporary while the sale of the family home is completed later.
The next Regency Condo Quarterly will be out in July. Until then, if the need arises to sell your Greenbrier condo, we would be honored to help you through the process. With over 33 years combined, local real estate experience, our listing process brings the top of the market results to our sellers. Even in a seller’s market, relying solely on market conditions to make the most of the sale of your condo is a poor strategy. Hire experience. Hire local. We know how to create buyer enthusiasm to get you the absolute max the market will bear. And we take great pride in making the sales process as stress free as possible. Get in touch for your confidential consultation. We Love Selling Regency at Dominion Valley!