Dunbarton Single Family Home Report: October-December 2022 (4th Quarter)
Happy New Year! With 2022 behind us, I have the opportunity to share with you another Dunbarton Single Family Home Report. This edition focuses on the sales activity of detached home in Dunbarton between October and December.
During the fourth quarter, there were five single family homes that sold. Details of those sales are listed below.
A quick look over these five sales and a few things stand out. The majority of these homes had no basement. Three properties sold above their list price. Not one of them gave any seller subsidy (closing cost help to buyer.) Finally, the marketing time for all but one sale was measured in single digit days. Not surprisngly, the one property that took forty-one days to sales sold below its list price.
Combining all five of these sales with all the Dunbarton single family detached home sales in 2022, the six and twelve month data points tracked in this report are updated as seen below.
Starting with the sold price column, we find that the exuberant growth we had been experiencing earlier in the year has come to a halt. The six month average sold price is only slightly higher than the twelve month average. Meanwhile, the six month median sold price has fallen below the twelve month median. While we are still experiencing what would technically be considered a seller’s market, conditions are cooling off. Frenzied buyer behavior has disapated and buyers are acting much more deliberately. Multiple offers are no longer a given in the current market, but selling your home at a great price is still possible given the proper preparation, pricing and marketing.
Seller subsidy remains largely a non-issue for Dunbarton single family home sellers. Buyers coming into active adult communities are far more financially established than younger buyers who do not have a family home with tons of equity. However, Dunbarton buyers are still feeling the pinch of selling their existing homes to buyers who are not as financially established. Still, the only seller subsidy we have seen in the last year we have seen only three Dunbarton single fmaily home sellers give closing cost help. These are likely in lieu of repairs or preparation to get a home ready for market. I can’t reiterate enough how much proper preparation means to increasing buyer enthusiasm.
Marketing time, on average, has increased nearly one week when comparing the six month average to the twelve month average. Not surprising given the shift in the overall market thanks to steep increases in mortgage interest rates. The six month median marketing time is only one day longer than the twelve month median. Dunbarton single family homes can still sell quickly. It’s a matter of getting buyers excited about what your home offers.
If you placed your Dunbarton single family home on the market, priced to current conditions, you could expect it to be under contract in about two weeks, maybe less. Again, it is unlikely you would be faced with multiple offers, but full price offers and those over list are not impossible. Proper preparation and pricing and hiring a professional marketing agent is what gets the job done, no matter the market conditions.
The next Dunbarton Single Family Home Report will be out in April and will let us know how the first quarter of 2023 goes. Between now and then, please do not hesitate to reach out if a move may be on your horizon. My goal is to make the sales process as stress free and profitable as possible. You don’t get a do over on selling your largest investment. I have been at this since 2005 and would be honored to be my skills and experience to work for you. Get in touch for your consultation.