Braemar Property Value Report: May-June 2018 (Arista Series)
In my comings and goings out of the Tartan Hills Village section of Braemar, I have been noticing a lot of Canterbury style homes on the market. While the activity happening right now won’t show up in this edition of the Braemar Property Value Report, the Arista Series home sales that happened between May and June will be covered here. If you don’t know what an Arista Series home is, it is the larger single family homes in Braemar, built by Brookfield Homes, and include the Allister, Buckingham and Canterbury floor plans. These homes are found in New Castle Village, Highland Village and the Tartan Hills area of Braemar.
There were two Canterbury models that sold during May and June. The details of those sales are listed below:
When we take these two sales and combine them with our rolling twelve months of Arista Series home sales and update our six and twelve month data points, here is what we see:
The first thing you may notice is that both sales that happened in our current reporting period have higher sold prices than the six month average and median sold prices. That’s great. And that is probably what is pulling the six month average and median sold prices up over the twelve month average and median sold prices. Higher sold prices in the short term (six month range) compared to the long term (twelve month range) means increasing home values.
When it comes to seller subsidy, the six month average and median are a little lower than there twelve month average and median values. This is also a good trend. It means Braemar Arista Series sellers are giving less in closing cost assistance to buyers. Unfortunately, the marketing time seen in the six month average and median values is higher than the twelve month marketing values. While home values are increasing, it may be taking longer to get under contract.
If you placed your Braemar Arista Series home on the market, priced to current conditions, you could expect it to be under contract in about three months. However, if the current trends I am seeing with Canterburys on the market, sporting under contract riders on the sign posts in a matter of a one a week or two is any indication, this number may be higher than what we are currently experiencing in our summer market. This report also indicates you could expect to pay about 1.5% of the sales price in closing cost help.
The next Braemar Property Value Report will be in September. Until then, if you want to know how the current market is affecting your specific 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®