Regency Single Family Home Report: March-April 2022
Gorgeous spring days are here, but of course they have not come alone. We have had our share of rainy, gloomy days, but they truly make us appreciate the sunshine.
The spring real estate market has been underway and in this edition of the Regency Single Family Home Report we look back to the sales that happened in March and April. We also take a look at our updated six and twelve month data points for clues as to where the market is headed. There are certainly a lot of doom and gloom prognostications out there with mortgage interest rates on the rise. Let’s see what the data tells us.
In March and April there were six single family detached homes in Regency at Dominion Valley that sold. The details of those sales are listed below.
Sold prices ranged from $695,000 to a whopping $1,002,500. The sale noted in red is one that we were so please to list and sell–5149 Faldo Drive. It set a record high price for one level, two bedroom homes in the neighborhood. That’s because our sellers listened to every piece of listing preparation advice and let our professional marketing go to work to create buyer enthusiasm. Of course, everyone is wondering what it takes to sell for over one million. A premium lot backing to a water view, three finished levels with five bedrooms and four bathrooms and plenty of upgrades.
Taking these six sales and combining them with the Regency single family detached home sales going back to May 2021, the updated six and twelve month market markers show the strength of the seller’s market.
The six month average and six month median sold prices are significantly higher than their respective twelve month values. This is due to the extreme buyer demand and lack of inventory available to quench it. Rising mortgage interest rates are not affecting all buyers equally. Those looking in Active Adult communities like Regency at Dominion Valley are loaded with hefty down payments or all cash offers. Their equity positions are strong, making them far less reliant on mortgages. The ones they do take out tend to be lower principal amounts. Rising mortgage interest rates are not stopping the seller’s market in Regency.
Seller subsidy shows an increase in average amount from the twelve month to the six month numbers. The six month average is slightly higher than the twelve month average compared to what we saw last report. Even with no Regency single family home sellers giving any closing cost help in the most recent sales, these numbers come from five sellers out of forty-two giving closing cost help to their buyers in the last year. The way to avoid paying seller subsidy is doing what our sellers at 5149 Faldo did–proper listing preparation (advised by us) and professional marketing. When buyers are excited about a home, they compete and sellers win. Relying on the market conditions alone for the best outcome is a poor plan and can mean racking days up on the market and selling below current market value.
Days on market shows the quickness with which Regency single family detached homes are going under contract. We find single digits down the line in our average and median market markers. The outlier in the recent sales was ten days. The rest of the Regency single family homes were under contract in five days or less.
If you placed your Regency single family detached home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to give nothing in seller subsidy. Again, hiring the right real estate agents to represent you is the start to a great outcome.
The next Regency Single Family Home Report will be out in July. Until then, when the time approaches for you to sell your Regency home, we would be honored to meet with you. Our combined thirty-three plus years of local real estate experience are the foundation for your best outcome. We can’t completely take the stress out of moving, but we can ease it as your trusted real estate partners. Reach out today for your confidential consultation. We Love Selling Regency at Dominion Valley!