Braemar Piggyback & Patio Quarterly: January-March 2016
It is time for another Braemar Piggyback and Patio Quarterly, giving an overview of home sales for the first quarter. 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.
There were two Piggyback townhouses that sold between January and March. The high sales price was $288,000, while the low was $282,900. That means a decrease in average market value of not even 1/2 of 1% since last report. The difference compared to last year is an increase of 23% in average market value. That’s not to say your Piggyback townhouse in Braemar went up 23% in value since last year. Last year’s one sale was what I would call an outlier. It was such a low value that it does not compare to other sales. The comparison to last report is more an indicator of the stability of Piggyback townhouse values.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, this report does indicate that your home would be under contract in an average of just over two months. You could also expect to pay an average of 3% of the sales price in closing cost help to the buyer.
With three sales of Patio homes in the first quarter, we had what I would call a decent amount of activity. That’s unlike the fourth quarter last year where we had one sale, or the first quarter of 2015 where we had no sales. High sales price was $300,000 and the low sales price was $295,000. The average sales price of $298,167 is a decrease in value of 2% since last report. Again, there is no comparison to last year, as there were no sales in the first quarter of 2015.
If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in an average of just over two months. You could also expect to pay an average of 1/10th of 1% of the sales price in closing cost help to the buyer. That’s hardly anything. Buyers for Braemar Patio homes are being very competitive right now and not asking for much in closing cost help.
The next Braemar Piggyback & Patio Quarterly will cover the second quarter of 2016 and will be out in July. Until then, when you are ready to sell your Braemar home, call me for a free market analysis. No One Knows Braemar Better!
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.)