Braemar Piggyback Quarterly: April-June 2018 (2nd Quarter)
Don’t you wish winter went by as fast as summer does? We are about halfway through the summer, yet it feels like it just started. Time flies when you are having fun.
Since we are past the end of June, it is time for another Braemar Piggyback Quarterly. This report focuses on sales of piggback townhouses in our neighborhood. These townhouses are not only attached on the sides, but along the back too. They have no back yards, like traditional townhouses, but also have larger bedrooms than a traditional townhouse. They also have two car garages.
During the second quarter, there were two Braemar Piggyback townhouses that sold. Details of those sales are below:
When we take these sales and combine them with our rolling twelve month’s worth of Piggyback townhouse sales, here’s what we find when we update our six and twelve month values:
The six month average and median sold prices have slipped below the twelve month average and median sold prices. That’s not great, but considering one of the two sales listed above is above both of the six month values, I’m not about to panic. Seller subsidy (closing cost assistance from seller to buyer) is the same in the six and twelve month median, but the six month average seller subsidy is a little lower than the twelve month average. That means buyers are willing to go without all of their closing costs being paid by the seller, just to get an offer accepted in this seller’s market. Marketing time is about the same when looking at the six month values compared to the twelve month values.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in about three weeks. You may also have to pay about 1/2% of the sales price in closing cost assistance to the buyer.
The next Braemar Piggyback Quarterly will be out in October. Until then, when you want to know how the current market is affecting your home’s value, give me a call at 703-402-0037. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®