Braemar Property Value Report: November-December 2018 (NV Homes)
The forecast is not looking good for tomorrow afternoon. Warnings are coming through loud and clear in the weather reports I’m hearing on the radio. I’ll trust the meteorological pros and stay off the roads in the late afternoon and evening. My area of expertise is Braemar real estate. Speaking of Braemar real estate, it is time for another Braemar Property Value Report, focusing on sales of houses built by NV Homes in our neighborhood. This reporting period covers November and December 2018.
During the last two months of last year, there was only one NV home that sold. It was a Wynterhall model that sold price $615,000. The details of that sale are as follows:
Taking that sale and combining it with all the NV home sale data from 2018, we get updated six and twelve month data points. Let’s see what those new values are telling us.
Even with the high sold price in our current report, the six month average and median sold prices are both below the twelve month average and median sold prices. That indicates that NV home values are beginning to dip. Not surprising because the larger homes in our neighborhood built by Brookfield Homes are also showing a dip in value.
When it comes to seller subsidy (closing cost assistance for buyers) is also showing a trend not favorable to NV home sellers. Both the six month average and median seller subsidy values are higher than their twelve month counterparts. Sellers are giving more in closing cost help. Even the most recent sale gave seller subsidy higher than the most recent average and median values.
Days on market, or marketing time as I like to call it, shows yet another unfavorable seller trend. The six month markers shows it takes longer to go under contract than the twelve month markers. However, this may not necessarily be true. In mid-November, our region switched to a new MLS system which counts days on market differently. It will be this time next year before we have a true apples to apples comparison on marketing time.
If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in less than two months. You could also expect to pay less than 1% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in late March. If you would like to sign up for email delivery of the full, letter size report, email me at ChrisAnn@LNF.com. Of course, when the time comes when a sale may be on your horizon, give me a call at 703-402-0037. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®