Regency Single Family Home Report: November-December 2021
Welcome to the first edition of the Regency Single Family Home Report. In this report, sales of detached homes in Regency at Dominion Valley are provided for the previous two months. In this case, we are starting 2022 with a look back at November and December 2021. Six and twelve month data points are also examined to understand trends in the market.
During the last two months of 2021, there were two single family homes that sold in Regency. The details of those sales are listed below:
Obviously there is quite a difference in sold price between these two sales. There is also a huge difference in the size of the homes, so the price difference makes sense.
Taking the entire past year of detached home sales in Regency, we are able to take the six and twelve month data points for sold price, seller subsidy (closing cost help sellers give to buyers) and days on market. The most up to date six and twelve month data points are listed below.
Looking first at the sold price column, the six month average sold price is slightly higher than the twelve month average sold price. The difference between the six month median and twelve month median sold price is still a gain in the short term, but not as dramatic. Single family homes in Regency are still gaining value, but the growth rate seems to have cooled off in the last half of 2021. Hearing of overall gains in our market of nineteen percent for the entire past year, it seems that the major leaps were the first six months of 2021.
Seller subsidy is where we get to learn how much closing cost help Regency single family home buyers were able to negotiate from their sellers. The fact that the two most recent sales gave seller subsidy at all is stunning. Out of thirty-seven single family home sales in 2021 as a whole, only six gave any seller subsidy at all. This is why there exists an average number in either the six month or twelve month values. Just as important as the two most recent sales giving very healthy amounts of seller subsidy is the fact that in both the six and twelve month time periods, the vast majority of sellers gave nothing.
Days on market is the time it takes a property to go under contract. Here we see that both the six month average and six month median marketing times have increased, albeit slightly. Relatively speaking, it would take a lot of tiny increases like that for the market to feel any difference.
If you placed your Regency single family home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You could also expect to give nothing in seller subsidy if you hire a strong negotiating agent.
The next Regency Single Family Home Report will be out in March. Until then, if circumstances are such that a move is in your near future and you want a no obligation consultation on what a home sale would mean for you, please reach out to us. We are here to help you by making your move as stress free as possible and your sale as profitable as the market will allow by creating buyer enthusiasm. Our combined, rich skill sets are available to home owners within Regency at Dominion Valley for the price of one agent. Better yet, we wake up every day eager to help our Regency at Dominion Valley home owners. We love Selling Dominion Valley.