Dunbarton Single Family Home Report: January-March 2022 (1st Quarter)

Dunbarton Single Family Home Report: January-March 2022 (1st Quarter)

Welcome to the first edition of the Dunbarton Single Home Report. I have been compiling reports for the all ages sister community of Braemar since 2005. As I encounter more and more buyers and sellers in the active adult communities in the area, I thought it would be helpful to publish this report quarterly. It will focus solely on the detached single family home sales in Dunbarton. This particular edition covers the first quarter of 2022, during which time there were six homes that sold. Details of those sales are listed below.

There is only one sale that stand out. It is the sale at 12849 Dunbarton Drive that was the only home to sell below its list price, give any seller subsidy (closing cost help to the buyer) and took three weeks to go under contract. All of this things are contrary to the other five sales of detached homes in Dunbarton during the first quarter of 2022.

Taking these first quarter 2022 sales and combining them with the second, third and fourth quarter sales from 2021, I extract six and twelve month data points to track market trends. Those market markers are seen directly below.

Let’s first look at the sold price column. Here we see both the six month average and six month median sold prices are higher than their respective twelve month values. This means that Dunbarton single family homes are continuing to gain value. No surprise there given the extreme lack of inventory and heightened buyer demand.

Seller subsidy shows us how much closing cost help Dunbarton buyers were able to negotiate from their sellers. The six and twelve month average seller subsidy values show very little. In fact, in twenty-two sales in the past twelve months, only one the one sale listed above at 12849 Dunbarton Drive gave any seller subsidy at all. Likely, the small dollar amount of $375 was a credit for a repair or walk through issue. More importantly, twenty-one sellers in twelve months gave nothing.

Days on market shows single digit days down the line. Certainly, a one day longer marketing time from the twelve month average to the six month average is nothing to think twice about. Dunbarton homes are in high demand and selling fast.

If you placed your Dunbarton home on the market, priced to current conditions, you could expect it to be under contract in less than one week. My latest listing at 13248 Ormond Drive took only two days to go under contract. And as discussed earlier just a couple paragraphs above, you could expect to give nothing in seller subsidy.

The seller’s market we are experiencing, particularly in Active Adult neighborhoods, is not likely to be impacted at all by the sharp increases in mortgage interest rates. Most buyers in these communities are either coming with cash, or a very low mortgage. Mortgages in many cases, are expected to be paid off when the family is sold, if that has not yet happened at the time of purchase. A fifty-five plus buyer is well established and typically asset rich.

When it comes time to sell you Dunbarton home, relying solely on market demand is a poor strategy if you are looking to maximize the return on your investment. Too many sellers are leaving money on the table, even during this insane seller’s market. The only way to guarantee your top position in the market is to hire your listing agent wisely. What I offer is listing preparation advice and recommendations, professional marketing and skilled negotiation.

The next Dunbarton Single Family Home Report will be out in July. Until then, please let me know if I can be of assistance. I would be honored to help you through the sale of your home when the time comes.

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com