Braemar Piggyback Quarterly: January-March 2017 (1st Quarter)
Are you as happy as I am that it is sunny today? Too many dreary days in a row bring me down. Guess I should enjoy this sun while I can. The extended forecast for Bristow had shown a lot of cloudy days coming up, but I just looked and it seems that some of those days are now showing as partly sunny. We’ll have to wait and see what Mother Nature gives us. Predicting the weather may be similar to predicting real estate values. You can say exactly what is going to happen, but you can have a pretty good idea.
In this Braemar Piggyback Quarterly we will look at the most recent sales activity and how that compares the six and twelve month values compiled. Of course, let me explain what type of home we are referring to when we say Piggyback. 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.
There was one Braemar Piggyback townhouse that sold in the first quarter of 2017. It was located at 12760 Brewland Way and was an end unit, so it had a nice side yard to offer. It listed for $329,500 and sold for $317,000. It also took 31 days for it to go under contract. How does that compare to the six and twelve month values we have?
While there are only two values for the total of the six month period, the most recent sale at $317,000 being one of those, it appears the most recent sale is pulling values up. The average six month sold price (and median) was $312,300. The average twelve month sold price was $302,263. The median sold price in the last twelve months was $308,800. That makes it obvious that this most recent sale is indeed pulling values up.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to take 20 to 36 days to go under contract. You could also expect to pay some closing cost help. The most recent $4,125 average seller subsidy number found in the last six months is probably a great place to set expectations. Lack of inventory has lead to more buyer competition. And when buyers compete in real estate, requests for closing cost help often diminish or disappear entirely.
The next Braemar Piggyback Quarterly will be out in July. Until then, if you want to take advantage of the increased buyer demand in Braemar, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA