Braemar Townhouse Report: January-February 2017
Been wondering what your Braemar townhouse is worth? Well, this edition of the Braemar Townhouse Report is sure to help get in the ball park of your townhome’s value. In this report, we are looking back to the first two months of 2017.
Between January and February there were three Braemar townhouses that sold. Details of those sales are shown below.
Three sales aren’t very many for a two month period when it comes to Braemar townhouse sales. Simply put, there just weren’t any others on the market. Hence the low marketing time (DOM.) And there is no doubt that some of these townhouses likely faced multiple offers. Let’s see how the sales detailed above jive with the six and twelve month average and median values.
All but one of the sales are well above the six and twelve month average and median sales prices. The closing cost assistance (seller subsidy) in two of the three cases are well below the average and median values. Best news yet, the marketing time in all three sales are lower than even the lowest marketing time, found in the twelve month mediam marketing time.
When comparing the six month sales prices to the twelve month prices, we see a tick up in average value, but median value remaining steady. My Braemar real estate gut is telling me that our townhouse values are on the rise. By next report, I expect to see a larger difference in the six and twelve month values.
If you placed your Braemar townhouse on the market, priced to current conditions, you would likely be under contract in about a week or less. And hopefully, the trend of lower seller subsidy continues. Worst case, from the six month median value, you could expect to give just under $6,000 in closing cost assistance.
The next Braemar Townhouse Report will be out in May. At that point in time, we’ll be able to throw in the sales data from March and April and see how things are looking. Until then, give me a call for the best results when selling your Braemar townhouse. Since 2005, No One Knows Braemar Better.
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA