The third quarter is officially behind us as we are well into October and looking forward to Halloween and Braemar’s Spooktacular Movie Night. This means it’s time to look back at the third quarter of 2012 and see what happened in the Braemar condo market. There were no sales in the second quarter to report, so any comparisons we make will be the third quarter of 2011.
As of October 16th, there is only one Braemar condo on the market. It is a Short Sale that is pending sale, having gone under contract in July. There were only two Braemar condos that made it to settlement in the third quarter. Below is a table giving you the quick and dirty on the relevant numbers.
When looking at the numbers compared to the third quarter of last year, every sales price went down. The average sales price was down over 5%. The high sales price was down exactly 10%. The low sales price saw the least amount of change in a barley measurable $500 drop.
The good news, is the the average seller subsidy (closing cost assistance to buyer) and average marketing time are also down. The average seller subsidy came down 7% and is now an average of 1% of the average sales price. The average marketing time improved by over 58%. Less time on the market and less money leaving the seller’s pocket to help buyers with their closing cost is a direct result of there not being enough homes on the market to meet buyer demand in Bristow.
If you placed your Braemar condo on the market, priced to current market conditions, you could expect it to be under contract in less than two weeks and pay about 1% of the sales price to help a buyer with closing costs.
The next Braemar condo quarterly will be out in January. Until then, if you are contemplating the sale of your Braemar condo, call me for a free market analysis of your specific condo’s value. I’ve been a full-time real estate agent and Braemar resident since 2005. I’ve also been a Braemar Short Sale Agent since 2007. No matter what your equity position, I can get you the most amount of money for your Braemar condo in the shortest amount of time. No one knows Braemar better!
Chris Ann Cleland, Associate Broker, Licensed in Virginia, Long & Foster REALTORS®