Braemar Property Value Report: March-April 2018 (NV Homes)
While this top Braemar Real Estate Agent has been busy with various stages of selling Braemar homes, I am sure that a lot of you have been prepping for the opening of the Braemar pools. There were several emails that came through about the change of the pool passes. Getting the new pass, swimsuits and sunscreen have been projects for many Braemar households. Meanwhile, the pool I’m playing in is Braemar real estate market data.
This Braemar Property Value Report focuses on sales of NV Homes in our neighborhood during the months of March and April. So without further delay, let’s get to it.
There was only one NV Home in Braemar that sold during our current reporting period. It is detailed below:
The way I used to do these market reports, having one sale for a reporting period could make our values seem to go up and down like a yo-yo. Now, by taking this most recent NV Home sale and placing in with the sales of NV Homes in Braemar for the last year, we can derive six and twelve month data points and get a better sense of where values are heading. Here’s what those data points look like, updated with the sale above:
In a rising market, the six month sold prices are higher than the twelve month sold prices. Here we see our six month average is higher than the twelve month average, but the six month median is below the twelve month median. What does that mean? It means values are holding steady. In the meantime, the seller subsidy (closing cost assistance) values in the six month data points are lower than the twelve month data points. That’s great news! Seller subsidy is going down, meaning Braemar sellers are keeping more money when they sell. Marketing time is another story. The six month average is double the marketing time we see in the twelve month average. However, this doesn’t panic me when I see the six month median is only one week, compared to about two weeks in the twelve month median. There was one sale in the last six month that took 314 days to happen and it is throwing that average value.
If you placed your NV Home on the market, priced to current market conditions in Braemar, you could expect your home to be under contract in a week or two. You could also expect to pay about one percent or so of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in July. Hope you enjoy some fun in the sun at the pools between now and then. And as always, if you want to know the value of your specific home in our Braemar market, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®