Dunbarton Duplex Report: January-June 2022
Welcome to the very first edition of the Dunbarton Duplex Report. These homes have been in high demand in my business for over a decade. For 2022 I decided to add two market reports for Dunbarton to my business. The Dunbarton Single Family Home Report is compiled quarterly. The Dunbarton Duplex Report is compiled semi-annually. This is work I do myself. It is not computer generated. That’s the dedication I have to our local market.
This opening edition is covering the first half of 2022. In addition to detailing sales from the first half of the year, six and twelve month data points will show us market trends. Let’s get right to it.
There were four Dunbarton duplexes that sold in from the beginning of January to the end of June. Being a smaller subset of homes in the neighborhood, this is not unusual. The details of all those sales are displayed below.
The range of final sold prices was $449,900 to $480,000. Not one had a basement, a rather rare find in the neighborhood. None gave any seller subsidy, more commonly known as closing cost assistance to buyers. And every listing was under contract in one week or less.
Taking these four sales and combining them with the second half of sales from 2021, the six and twelve month market markers are extracted.
Starting in the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values. The lift seen in the six month average is about two percent above the twelve month average. The six month median is one percent higher than the twelve month median. Dunbarton duplexes are continuing to gain value despite substantial increases in mortgage interest rates early in the spring. Surprised? Don’t be. Most buyers in Dunbarton are bringing a substantial down payment, if they are not buying entirely with cash. Having sold a family home, these buyers are equity rich and not susceptible to being priced out of the market by mortgage rate increases.
Seller subsidy is zero down the line. In the last year, probably longer, not one Dunbarton duplex seller gave any closing cost help. In a market with more buyers than homes to buy, this is not unusual. Dunbarton duplexes are a highly sought after product and I am often contacted by buyers who are anxious to find one. I’ve written letters to many Dunbarton duplex owners over the years and reached out to the Dunbarton home owners I know to see if anyone is selling a duplex in the near future. Off market sales are a strong possibility, but the ones that come to market are the ones that will get the highest return because they are exposed to the market.
Given how in demand Dunbarton duplexes are, the time it takes to go under contract should be no surprise. In all the average and median market markers above, there is nothing longer than five days. Of course, maximizing your profit means coming to market with something that lifts buyer enthusiasm. Proper listing preparation and professional marketing are the tools I use to make sure my sellers reach the top of the market. Believe it or not, money can be left on the table in a seller’s market. Relying on the market conditions alone for maximizing return is a poor strategy. You only get one chance to sell your largest asset. Make it count.
If you placed your Dunbarton duplex on the market, priced to current conditions, you could expect it to be under contract in a handful of days. You could also expect to give nothing in seller subsidy.
The next Dunbarton Duplex Report will be out in January. Hard to believe, but it will be here before you know it. Until then, enjoy your summer, fall and year end holidays. If the time comes for you to make a move, get in touch to schedule your confidential listing consultation. It would be my pleasure to put my skills to work to make you the absolute most the market will bear.
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate