Braemar Property Value Report: July-August 2016 (Heritage Series)
When I was out and about around town yesterday, I noticed so much fall themed decor. Seeing the rows and rows of pumpkins at plant nurseries definitely got me in the mood for the fall season. Of course, before we get too far ahead of ourselves, let’s take this chance to look back at the Braemar real estate marekt’s performance in the last two months of summer. This specific report will focus on sales in the Heritage Series. Heritage Series homes, for those who may not be familiar, are the mid-sized single family homes, built by Brookfield Homes, with two car attached garages including the following floor plans: Exeter, Yardley, Zachery & Waverly.
There were four Heritage Series homes that sold between the beginning of July and end of August. Three were Yardleys. One was an Exeter. The lowest sold price was $417,000. The highest sold price was $480,000. The average of all four gives us our new average market value for a Braemar Heritage home of $455,500. If you remember from last report, most of the homes sold were the smallest floor plan, the Exeter. Bear that in mind when I tell you that the average sales price is up nearly 6% since last report. The size of the homes in the sample is always going to have influence on the average market value, though not anything too dramatic since there is only so much variation in home size within the Heritage Series. The comparison to last year is that average market value is up over 8.5%. Last year’s sample had a lot of diversity, so I believe the year to year comparison is more accurate.
If you placed Braemar Heritage Series home on the market, priced to current conditions, you could expect it to be under contract in an average of about one month. You could also expect a buyer to ask for an average of just over 1% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in November and will detail sales from the months of September and October. Until then, when you are ready to sell, give me and call and let’s talk about the specific value of your Braemar home. No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA
Statistics compiled using the MRIS (Metropolitan Regional Information Systems.)