Braemar Condo Quarterly: January-March 2017 (1st Quarter)
If April showers bring May flowers, May is going to be very colorful in Braemar. It’s been a pretty dreary stretch, but I’ll take this rainy Monday to catch you up on Braemar condo values for the first quarter. This report, however, we’re going to do things a little bit differently to give you a more accurate view of what direction values are going by incorporating rolling six month and twelve month figures.
There was only one sale of a Braemar condo in the first quarter. It happened on March 24th. It was an end unit townhouse with no garage, located at 10056 Moxleys Ford Lane, that listed for $264,900 and sold for $260,000. It was under contract in only 3 days and gave $5,000 in seller subsidy (a.k.a. closing cost help.) So how does that compare to the rolling six month and twelve month figures?
The sales price is higher than the average and median sales in both time frames. So it is safe to say this sale is the start of seeing prices lift. This first quarter sale is included in the six month and twelve month figures. You can see it is already lifting values. The median sales price in both instances in still $250,000. However, the average sales price is over $3,000 higher in the six month value vs. the twelve month value.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in 6 to 21 days, based on the marketing time frames we are seeing in those six month values. You could also expect to pay around $5,000 in closing cost help. You would be very fortunate to pay less than that.
The next Braemar Condo Quarterly will be out in July. Until then, when you are ready to sell your Braemar townhouse condo, give me a call and let’s take a look at current market indicators. Since 2005, No One Knows Braemar Bettter!
Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA