Braemar Condo Quarterly: April-June 2018 (2nd Quarter)
Pardon me for not getting on this earlier, but the 4th of July holiday being in the middle of the week made things a little crazy. Typically, there isn’t a lot happening in the month of July in our local real estate market. However, this month started out with a flash of activity. It has left this Top Braemar Real Estate Agent feeling a bit confused as to what day it is. Never a good feeling when it seems you have two Mondays in one week.
Enough of that! Let’s get to this edition of the Braemar Condo Quarterly, which covers condos in Braemar sold between April and June. There were two Braemar condos that sold in the second quarter. The details of those sales are below:
When we take these sales and combine them with our rolling twelve month collection of Braemar condo sales, here’s what we see in our six and twelve month data points:
While there is not much notable difference between the six month to twelve month sold prices and marketing time, there is a nice drop in seller subsidy from the twelve month average and median values to the six month average and median values. That means more sales are happening in the short term with buyers requesting, or accepting, less money in closing cost assistance from sellers. Good news for sellers! Of course, that seller subsidy shrinking is typical in a seller’s market. And judging from the days on market numbers being less than a week across the six and twelve month data points, we are most certainly in a seller’s market when it comes to Braemar condos.
What’s better to see is that the two most recent sales have sold prices above the six month median and average values. If that continues in the third quarter we will see an increase reflected in the six month average and median sold prices compared to the twelve month average and median values. That would mean Braemar condo prices are increasing. As it stands, this report still shows longer term stable value.
If you placed your Braemar condo on the market, priced to current conditions, this report sets the expectation that your condo would be under contract in less than a week. You could also reasonably expect that you would pay no more than one percent of the sales price in closing cost assistance to the buyer.
The next Braemar Condo Quarterly will be out in October. Until then, if you want to know what your Braemar condo may pull in market value, give me a call. Since 2005, No One Knows Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®