Braemar Property Value Report: September-October 2018 (Heritage Series)
Driving through Braemar, I notice more and more houses displaying holiday lights, or Christmas trees in the window. It all brings a smile to my face. Eventually, I’ll get up the motivation, after watching enough Hallmark Christmas movies, to get up my own tree, but for now, my motivation lies in getting the latest in property value news out to the neighborhood. This Braemar Property Value Report focuses on homes in the Heritage Series. Heritage Series homes are mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.
This particular reporting period, covering sales between September and October, comes up with only three Braemar Heritage homes that sold. the details of these sales are listed below:
As you can see, there is quite a difference in the lowest sold price and the highest sold price. Big difference like that can throw off a tracking of average and meidan values. That’s one of the reasons I have adjusted the way I do these reports and look at those values. What happens next is I simply replace the data from September and October 2017, with these three sales in my rolling twelve month data store. Then I parse out the six and twelve month values, giving us this:
For starters, looking at the six month average and median sold prices we see that they are both falling below the twelve month average and median sold prices. that’s not great news and could be an early indication that Heritage home values are starting to slip. At least two of the current three sales reported above fall about the six month median. Only one falls above the six month average. Time will tell if this is truly a slip in value, or a momentary anomaly. After all, with news that Amazon is basing one of its headquarters in Arlington, a boost in market value in our entire metropolitan marketplace is expected.
The six month average seller subsidy (closing cost help to buyers) is a tad higher than the twelve month average. However, the six month median seller subsidy is lower than the twelve month seller subsidy. Looks like Braemar Heritage home owners continue to give about the same amount of closing cost help in their deals.
Finally, days on market shows that the six month average and median values are below the twelve month average and median values. In the cast of the median, it is only by one day. This means that it is taking about the same amount of time to sell a Braemar Heritage home as it has for the past year.
If you placed you Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a month. You could also expect to give about 1% of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in January and will detail our year end market, which happens to be one that I believe in very strongly. It gets a bum rap from most real estate agents, but there really is a something magical in finding a home during the holidays. And that kind of emotional pull by buyers, with limited inventory, can do wonders for a seller. Want to explore the option of selling in the off-spring market? Give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®