Braemar Property Value Report: November-December 2017 (Courtyard Series)
While bitter cold days are ones I typically like to spend devoted to doing things at my home office, like this Braemar market report, that wasn’t all I was destined to do today. This devoted Braemar Real Estate Agent was out and about showing property, writing an offer, keeping a deal together for the sale of my own mother’s home and teaching a class to new agents. Even with all that, I didn’t want to get too behind on my Braemar market updates. So last task of my day is this report.
This particular Braemar Property Value Report focuses on sales of Courtyard homes. If you don’t know, Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space. Models include the Arlington, Clarendon and Ballston.
There were two Braemar Courtyard homes that sold during the last two months of 2017. The details of those sales are as follows:
When we take these two sales and put them in with our rolling six and twelve month Courtyard home sale pool, we find some mixed news. On the one hand, six month median and average sold prices are higher than the twelve month median and average sold prices. All alone, this would indicate rising prices for sellers. But we must also look at what’s happened in seller subsidy (closing cost help to buyers.)
The six month average and median seller subsidy is substantially higher than the twelve month average and median seller subsidy. This means that NET sold prices are likely to be much the same, or maybe a tad lower. After all, it is what a seller walks away with that matters most. If a seller gets $419,000, but has to pay $12,000 in closing help, they only walked away with $407,000.
Marketing time (DOM) has also gone up a bit in the short term values compared to the longer term. That means it is taking a little longer for Braemar Courtyard homes to sell. Not all that surprising at the end of the year to see this trend up.
If placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about a month. You could also expect to pay 2% to nearly 2.5% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in March and will focus on sales from January and February. I know we’ll already have one sale in there, because I sold it on January 5th. Until then, they when you are ready to sell your Braemar Courtyard home, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®