Dunbarton Duplex Report: July-December 2022
Happy New Year and welcome to another Dunbarton Duplex Report. While we wait to see what 2023 has in store for us, the purpose of this edition of the Dunbarton Duplex Report is to look back at the last half of duplex sales in the neighborhood and see how 2022 ended. Scuttlebutt from the Dunbarton home owners I have spoken with is that the market has changed completely and homes are just sitting on the market. It that true?
During the last six months of 2022, there were four Dunbarton duplexes that sold. The details of those sales are listed below.
At a glance, it is unusual to see that three out of four duplexes that sold had basements. Not so common an occurrence with the duplexes. Two sold above list price and two sold below their original list price. Not surprisingly, those that sold below original list price also took the longest to sell. As for seller subsidy (closing cost help to buyers) only one seller gave any and the amount of five hundred dollars would seem to be a repair or walk through credit.
Taking these four sales and combining with the Dunbarton duplex sales from the first six months of 2022, the six and twelve month data points tracked in this report are updated and tell the tale that is almost entirely contrary to the scuttlebutt you may be hearing.
Starting with a look at the sold price column, both the six month average and six month median sold prices are above their twelve month counterparts. This would indicate values are continuing to rise, however, since these sales are mostly made up of duplexes with basements, in my mind the worst case is that values have steadied out. Unfortunately, some sellers likely got trapped in the mindset that there would be a slew of buyers in a bidding war when they placed their homes on the market. Some definitely overpriced their homes for what the current conditions became in mid-late summer as interest rates started to rise sharply. Sure, not many buyers looking in Dunbarton are so cash strapped that an increase in mortgage rates stops them from buying, but it may cause problems for them selling their existing home. Not only that, but as many would-be retirees were watching their portfolios go down during that same time in late summer, early fall, the idea of cashing out stock to buy a home probably sounded horrifying. Nonetheless, Dunbarton duplexes, when priced right, sold quickly.
Seller subsidy continues to be a non-issue. Buyers entering active adult communities are generally very well established financially and making what is likely to be their last home puchase. This home buyer does not need closing cost assistance from sellers.
Days on market is the only place we see where some of the scuttlebutt may be coming from. Both six month time frames are longer than their corresponding twelve month time frames. A combination of pricing too high and timing certainly weren’t helpful with the longest days on market we see in the second half sales. Sometimes, it can be lack of professional marketing.
If you placed your Dunbarton duplex on the market, priced to current conditions, you could expect that it would be under contract in about two weeks, worst case three. Do not expect multiple offers. Those days, by and large are gone as buyers are acting more deliberately.
The key to listing success remains the same as it has been. Make sure your property is prepared for market. De-cluttered. Painted. New carpet or small updates if needed. Partner with a full-time, local professional who can help you price it right and drive buyer enthusiasm through professional marketing. My Dunbarton sellers don’t have to guess at market conditions because they are working with a full-time professional agent who is consistenly ranked a Top Producing Agent out of Long & Foster’s Gainesville office.
The next Dunbarton Duplex Report will be out in July. There is a lot of time between now and then. Please do not hesitate to reach out if you have additional questions about the real estate market between now and then. It is my honor to help you in the sale of your home, no matter how soon you need to start that conversation.
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com
With high buyer demand in our Bristow market, it is no surprise to marketing time coming down. It seems that your Dunbarton duplex could be under contract in two to three weeks.
Agent. Put my local knowledge to work for you.
Presidential election years always cause buyers to pull back a bit from the market I think this showed itself in 2016 in the marketing time taking a bit longer for Dunbarton Duplexes to sell.
Selling Braemar 