Braemar Reflection Quarterly: July-September 2018 (3rd Quarter)
Let’s wrap up the month of October with the final report of my quarterly Braemar market reports. This is the Braemar Reflection Quarterly. It covers sales of the semi-attached homes located on Tarvie Circle, behind the Safeway shopping center, that are attached at the garage only.
There was quite a bit of sales activity in the third quarter, where we saw four Reflection homes sell. The details of those sales are listed below:
All of the sales in the third quarter were homes that had no egress from the basement. Come to think of it, I’m not sure there are any Reflection homes with basement egress. If you have one, I’d love to hear about it and know if it was added after construction. When we take these four sales and plug them in with the previous three quarters of sales activity, we get new six and twelve month data points, as follows:
The trend we most like to see in the sold price column is higher values in the six month average and median compared to the twelve month average and median. While the six month average sold price is higher than the twelve month average sold price, the median sold price is exactly the same in the six and twelve month median values. This is mixed information. Average sold price increase in the six month over the twelve month indicates Reflection home prices are rising. However, the same value in the six and twelve month median indicates Reflection home prices are stable. Only time will tell which is correct.
The seller subsidy (closing cost help to buyers) is showing a definite trend. The six month average and median seller subsidy are both higher than their twelve month counterparts. That means sellers are giving more money in closing cost help.
Days on market (marketing time) is showing stability and a quickening of the sales of Reflection homes in Braemar. The six month average marketing time is shorter than the twelve month average marketing time. However, the six and twelve month median marketing times are the exact same. Which is correct? We have to wait for the next report to find out.
If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks. You could also expect to pay about 2% of the sales price in closing cost help.
The next Braemar Reflection Quarterly will be out in January. Until then, if the need to move arises, don’t count out our year end real estate market. Give me a call for a free market analysis and I’ll tell why the year end selling season is my favorite market. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®