Regency Semi-Annual Patio Home Report
The real estate market in 2021 was out of control, especially when it came to attached patio homes in Regency at Dominion Valley. Talk about a home style that never waned in demand, this was it.
In this first edition of the Regency Semi-Annual Patio Home Report, we take a look back at the second half of 2021 and examine the sales. We also gather up six and twelve month data points from the entire year’s worth of Patio home sales to determine trends in the market.
In all of 2021, there were only nine Regency Patio homes that sold. Five of those were in the second half of the year, from July to December. Those sales are detailed below.
A quick scan of the sales above reveals only one in five had a basement. Only one of five had less than three bedrooms. They were all end units, sold in less than ten days and gave no seller subsidy (closing cost help to buyer.) When taking all of these sales, along with the four that sold during the first six months of 2021, the six and twelve month data points are updated as seen below.
The sold price is the natural column in which to start. After all, every Regency at Dominion Valley Patio home owner wants to know what their market value might be, even if they have no impending plans to sell. The six month average sold price is 2.5% higher than the twelve month average sold price. The six month growth rate in median sold prices isn’t as high with the six month median being just under 1% higher than the twelve month median. Nonetheless, Regency Patio homes are gaining value.
Seller subsidy is zeroed out down the line. This means that not one of the nine Regency Patio home sellers in 2021 gave any closing cost help at all. Not surprising given the demand these homes face when so few were available to buy last year.
Days on market shows that Regency Patio homes were under contract in single digit days down the line. Again, look to lack of supply and high buyer demand as to why these very popular active adult home styles sell so fast.
If you placed your Regency Patio home on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect to give nothing to help your buyer with their closing costs.
The next Regency Semi-Annual Patio Home Report will be out in July. Until then, if you have specific questions about the value of your home, reach out and we will be happy to help. And if circumstances are such that a move is in your near future, make sure to set up a no obligation consultation with us. Our unmatched skill set will handle your move compassionately and professionally with two goals in mind. The first is as stress free a move as possible. The second is getting the absolute maximum amount the market will allow. You don’t get a second chance to liquidate your largest asset. Let us know when you need us. We love Selling Dominion Valley.