Braemar Condo Quarterly: October-December 2018 (4th Quarter)
While I am nestled safe and sound in my own Braemar home, snow accumulating outside in our first 2019 snow event, I might as well share one of my Braemar market reports. This month all types of homes are due for updated reports, but since the homes featured in the quarterly reports only get updates four times a year, I thought I would start there. The first in the Braemar quarterly reports, which is this one, focuses on the sales of Braemar condos, also known as the Barrhill at Inverness Village Condos.
There were two condos in Braemar that sold in the fourth quarter of 2019. They were both two bedrooms with one full bathroom and one half bathroom. They each also had a garage. There were some differences in final sold prices, one being $264,000 and the other being $272,000. Details on the sales are below:
Taking these two sales and including them in the last year’s worth of Braemar condo sales, the numbers I like to see are the six and twelve month sold price, seller subsidy and DOM, or marketing time. That last number is going to be off with the change to the Bright MLS that our area has undergone. Our previous MLS stopped counting days on the market as soon as you went under contract. Not Bright. Bright only stops counting days on market when all the contingencies to the contract have been removed. That change to the new MLS happened in November. Let’s see how it affected our six month values compared to the twelve month values.
Given the explanation above, let’s look at the marketing time comparisons first. I am not surprised to see higher days on market in the six month average and median values compared to the twelve month values. We’ll only have the best idea of marketing time when we have ALL of our data coming from Bright MLS. That won’t be until the first quarter of 2020’s report.
The sold prices in the six month average and media are both above the twelve month values. This is great news. Values are increasing.
Seller subsidy (closing cost assistance to buyers) has gone up in the six month average compared to the twelve month average, and is the same in the six month and twelve month median. This means sellers have been giving a bit more in closing cost help more recently.
If you placed your Braemar condo on the market, priced to current conditions, you could expect to have a contract with all the contingencies removed within about forty days. You could also expect to give about 1.5% of the sales price in closing cost help.
Stay safe during this snow storm. If you don’t need to go out, don’t. If you get bored and want to talk real estate,as your Braemar Real Estate Resource, I’m here to lend my expertise. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®