Braemar Property Value Reports: July-August 2018 (Ryan Homes)
If it had to be sunny any day this week, it is fantastic to have that weather on Friday. What a nice end to the work week for folks. Of course, the work week for this Top Braemar Real Estate Agent is far from over. I will be out showing property to buyers this weekend in our area.
Right now, it is time for the Ryan Homes installment of the Braemar Property Value Report. This one covers the sales of Braemar houses built by Ryan Homes in July and August. Without further delay, let’s get to it.
There were two Ryan Homes that sold in our current reporting period. One for $429,000 and the other for $476,000. The particulars of each sale are detailed below:
If we take these two most recent sales and combine them with our rolling twelve months of Ryan Home sales in Braemar, we have the opportunity to take a peek at updated six and twelve month data points. When we do that, this is what we find:
When we look at the six month average and median sold prices to the twelve month average and median sold price, we want to see increases in the six month values compared to the twelve month values. That would indicate Ryan Home values are increasing. Unfortunately, this report gives us exactly the opposite of what we want to see. Six month average and median sold prices are below the twelve month sold prices. Not good, but hopefully, not a trend we will see continue. In Braemar in general, home prices seem to be stabilizing. However, this report could be an early indicator that Ryan Home values are dropping a bit. We won’t know for certain until we see if this trend continues through to the end of the year.
In the seller subsidy (closing cost assistance) category, we like to see six month average and median values below their twelve month counterparts. While the six and twelve month median seller subsidy figures are exactly the same, the six month average is below the twelve month average. That means Ryan Home sellers are giving less closing cost assistance when selling their homes.
Finally we get to days on market, or marketing time, as I like to call it. The six month average and median marketing times are significantly shorter than the twelve month average and median marketing times. That means Ryan Homes in Braemar have been selling faster recently.
If you placed your Ryan Home on the market, priced to current conditions, you could reasonably expect it to be under contract in about two and a half weeks…maybe even just one week. You could also expect to give about one half of one percent of the sales price, or less, in closing cost help to your buyer at settlement.
The next Braemar Property Value Report will be out in November. Until then, when you want to investigate the sale of your Braemar home and what it would be worth in the current market, call me for a free market analysis. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®