Braemar Reflection Quarterly: October-December 2018 (4th Quarter)
Staying inside and avoiding the arctic temperatures in the Bristow area today is my plan. That also allows me to sit at my desk and put up this most recent Braemar Quarterly property value report. This particular edition features the fourth quarter sales in the Reflection Series. Reflection Series homes are the semi-detached homes located off of Tarvie Circle. They are single family homes attached to only one neighbor at the rear load garage.
Unfortunately, there were no new sales of Braemar Reflection homes to report in the fourth quarter of 2018. That doesn’t mean I don’t have updated data to share with you. To keep only one year’s worth of data, the sale from the last quarter of 2017 is dropped and new six and twelve month average and median values are calculated. When that is done, here’s what we end up with:
Looking first at the sold price column, we see that the six month average sold price has fallen ever so slightly below the twelve month average sold price. Certainly not a cause for alarm, especially when you notice that the six month median sold price is above the twelve month median sold price. As of the end of the fourth quarter, all evidence points to the fact that Braemar Reflection homes are holding steady in value.
In not so great news, seller subsidy (closing cost assistance to buyers) seems to be on the rise. Both the six month average and median seller subsidy dollar amounts are higher than what we see in the twelve month average and median seller subsidy figures. This means Braemar Reflection sellers are giving more money in closing cost help in the recent past.
Finally we come to days on market, or as I like to call it, marketing time. Both the six month average and median marketing times are slightly higher than the twelve month average and median marketing times. This isn’t cause for concern. In fact, due to the MLS change our region underwent in November, we may see even more drastic increases in days on market, as that marketing time clock is stopped not by going under contract, but by being under contract with no contingencies. To read about the confusion this is likely to cause in the next year, you can read my post on the subject by clicking this link.
If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in about four to five weeks. You could also expect to give about 2% of the sales price in closing cost assistance to your buyer.
The next Braemar Reflection Quarterly will be out in April. Until then, if you want to sign up to receive digital copies of these reports, before they are published online, send me an email at ChrisAnn@LNF.com with your property address and email address. And whenever you need to know what’s happening in the Braemar real estate market, reach out by call, email or text for a free market analysis of your home’s value. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®