Braemar Piggyback & Patio Quarterly: April-June 2015
Has anyone else noticed how relatively mild our summer has been in Bristow? Sure, there have been days of extreme heat and humidity that makes you feel you are in a sauna, but there have been a lot of mild days for July. Today, for instance, I didn’t notice any humidity. Eighty-eight degrees feels totally different with low humidity.
As far as real estate in our community of Braemar has been concerned, the activity has been fairly low key. Buyer demand is not the insane pace it was last year, so we are experiencing a more stable market. Let’s take a look at the second quarter of the year and see what happened to values of Braemar Piggyback and Patio homes. For clarification, Braemar Piggyback Townhouses are attached side-to-side and back-to-back. While they do not offer back yards, they offer large bedrooms and a two car garage. Braemar Patio Homes are also known as quads. Each is attached at the side, back and corner to another Patio Home. They have two levels, also offering large bedrooms and a modest side yard.
Unfortunately, there were no sales of Braemar Piggyback townhouses in the second quarter. So we still have only the one sale from last report, to use as a comparable. However, there was one Piggyback townhouse under contract that will settle in the third quarter. It was listed for $299,000, so maybe values will be steady compared to last year. We won’t know until it settles.
Using that Piggyback townhouse on the market, we can infer that it would be a little over two weeks to get your Piggyback townhouse under contract, if you priced to current market conditions. Time will tell what seller subsidy (closing cost help to buyers) ends up. Stay tuned for third quarter numbers in October.
Unlike Piggyback townhouses, Patio homes saw three sales in the second quarter. The high sold price of $320,000 was repeated in two sales. The low sold price was $300,000, which was higher than the only sale this time last year. The average sold price is up 8% since last year. Unfortunately, there is no comparison to the first quarter since there were no sales of Patio homes last report.
If you placed you Patio home on the market, priced to current conditions, you could expect it to be under contract in an average of eleven days. You could also expect a buyer to ask for an average almost 1.5% of the sales price in closing cost help.
The next Braemar Piggyback & Patio Quarterly will cover the third quarter of 2015 and will be out in October. Until then, when you are ready to sell your Braemar home, call me for a free market analysis. No One Knows Braemar Better!
And if you haven’t already, please join my Braemar Facebook group. You can find links to these reports and be involved in all kinds of neighborhood conversations.
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA
Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information System.)