Braemar Property Value Report: July-August 2018 (Courtyard Series)
Are you ready for another Braemar Property Value Report? Well, ready or not, here we go. This one details sales activity in for Braemar Courtyard homes during the months of July and August. Braemar Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space. Models include the Arlington, Ballston and Clarendon.
There were four Braemar Courtyard homes that sold during this current reporting period. That’s a lot of sales to report in the Courtyard home category. Final sold prices ranged from $350,000 to $430,000. Details of those sales are below.
The first thing you notice is that one of these sales, the one that closed for $350,000, is way out of line with the other sold prices. Allow me to fill you in. The home at 10022 Pentland Hills was a short sale in very poor condition. It was hard to see the property for the all the trash piled throughout the home. Sadly, someone was living in those conditions, making it all the more tragic. It wasn’t a seller that was angry because they were about to lose their home. As low as that sold price of $350,000 is, it could have been worse. The property was listed for $300,000. Better news is that someone purchased the home that will be able to bring it back up to inhabitable condition. Finally, because we take these sales and put them in a rolling twelve month collection of Courtyard home sales, we won’t see a tremendous fall in value. In fact, when we calculate those new six and twelve month data points, here is what we find:
While the six month average sold price has dipped slightly below that twelve month average sold price, the six month median sold price is sitting well above the twelve month median. That’s a more reliable data point with our low $350,000 sale gumming up the averages. Odds are we will likely never see a home in the condition of that low sold price again. That means values of Braemar Courtyard homes are still pushing up.
The news gets better when we look at average and median seller subsidy (closing cost assistance to buyers.) The six month average and median seller subsidy figures are both well below the twelve month average and median seller subsidy numbers. That means sellers have been giving less closing cost assistance to buyers.
And the final sweet spot of news comes from the days on market column. Here we find that marketing time in the six month average and median values has also reduced substantially from the twelve month average and median values. This means Braemar Courtyard homes have also been selling faster.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in an average of no more than two weeks. You could also expect to pay only 1% or less of the sales price in closing cost help to a buyer.
The next Braemar Property Value Report will be out in November. Until then, give me a call when you are thinking of selling your Braemar home. It is never too early to start talking to a Top Braemar Listing Agent like myself. Since 2005, No One Knows Braemar Better.
Associate Broker-Licensed in VA
Long & Foster REALTORS®