Braemar Property Value Report: September-October 2018 (NV Homes)
It is probably obvious to you that not every real estate agent you may know that serves our area goes to the trouble of preparing market reports for the area. Sure, there are cut and paste lines from the MLS that make it to my door, but they give you all the information for the neighborhood. How is that helpful? If you own an NV Home, does it matter how long it took a townhouse to sell? Or a carriage home? Or a house in the age restricted Dunbarton? No, it doesn’t. That’s why I personally prepare these reports myself, and take the time to explain them to you.
Today’s Braemar Property Value Report focuses on sales of NV Homes, of which there were two during our reporting period of September and October. The details of those sales are listed below:
When I take these two sales and replace September and October 2017 in my rolling year’s worth of NV Home sales, I am able to get a fresh look at our six and twelve month average and median data points. They now look like this:
When comparing six month values to twelve month values, the shorter term are indicative of current trends when compared to the longer term. The six month average sold price has fallen slightly below the twelve month average sold price. By itself, that may be a sign of a slowing market for sellers. However, the fact that the six month median value is the same as the twelve month median does not give that indication. What NV homeowners are experiencing are stable market values.
Seller subsidy (closing cost assistance to buyers) is showing short term trends that NV homeowners will love. The six month average seller subsidy is lower than the twelve month average seller subsidy. The six month median seller subsidy is way below the twelve month median seller subsidy. This means that NV homeowners have been giving less money in closing cost help to buyers.
Days on market, or as I call it, marketing time is another showing stability. The six month average marketing time is about two weeks faster than the twelve month average marketing time. That’s great and by itself would be indicative of a trend that NV Homes are selling faster. However, when we look at the median marketing times in the six and twelve month markers, we see they are exactly the same. This is stability in marketing time as far as I am concerned.
If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in under fifty days. You could also expect to give under 1% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in January. If you would like to be on the email list to receive the report relevant to your home style, send me an email at ChrisAnn@LNF.com with BPVR Request in the subject line. Then give me your property address and email address where you would like the report delivered.
Of course, if you have a need to sell this year end, don’t panic. Give me a call at 703-402-0037 and I’ll be happy to go over comps and tell you why my year end listings sell. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®