Braemar Piggyback & Patio Quarterly: April-June 2016
We are well into summer in Braemar. Seems this time of year always goes by a lot faster than any of us would like, particularly the kids who are enjoying their summer vacation from school.
Right now, we are going to take a look back at the second quarter sales activity for Braemar Piggyback and Patio homes. In case you aren’t familiar with these types of home styles, 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 was only one sale of a Braemar Piggyback townhome in the second quarter, unlike the two sales that happened in the first quarter this year. Still, it is better than the activity we had in the second quarter of 2015, which was none. This recent sale is nearly 4% lower than the average sales price last quarter. Unfortunately, the recent sale is also lower than the lowest price last quarter. We will have to keep an eye out in future reports to see where Braemar Piggyback values go long term.
If you placed your Braemar Piggyback townhome on the market, priced to current conditions, you could expect that it would be under contract in as little as three days. You could also expect to pay 3% of the sales price in closing cost assistance to the buyer.
There were two sales of Braemar Patio homes in the second quarter. This is one less sale than we saw last quarter and one less than we saw in the second quarter last year. The average sales price of a Braemar Patio home is now $297,000. That’s a drop in value of nearly 1/2 of 1% since last quarter and a drop of over 5% in value since last year. I am hopeful, given market demand, that these values will be coming up in future reports.
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 eighteen days. You could also expect pay an average of under 1% of the sales price in closing cost help to the buyer.
The next Braemar Piggyback & Patio Quarterly will cover the third quarter of 2016 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!
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.)