Braemar Townhouse Report: January-February 2019
It is time for another Braemar Townhouse Report. This particular edition features sales of traditional townhouses in Braemar during the months of January and February.
There were four Braemar townhouses that sold during the first two months of the year. Final sold prices ranged from $318,000 to $345,000. Details of the sales are listed below.
Taking these four sales and combining with the previous year’s worth of Braemar townhouse sales, new six and twelve month data points come to light. Here’s what we have now:
Let’s start examining the sold price data. Both the six month average and median are notably below their twelve month counterparts. This would be an indication that, in the more recent past, Braemar townhouses have been decreasing in value. However, all but one of the four most recent sales are above the six month average and median sold prices. The same doesn’t hold true across the board when we take the three highest Braemar townhouse sales reported for January and February and compare them with the twelve month average and median. Only one of those most recent sales is higher than the twelve month median sold price. Three are still above the twelve month average though. While indicators are there that townhouse prices might be softening, we need more reports to see for sure if this is a blip or trend.
Seller subsidy is definitely on the rise. Both the six month average and median seller subsidy values are greater than the twelve month seller subsidy values. This means Braemar townhouse sellers are giving more closing cost assistance in the most recent sales to their buyers.
Comparing six month average and median days on market to the twelve month counterparts, we see a spike in average and median marketing times compared to the twelve month values. Don’t panic. In November we switched to a new MLS system that stops counting days on market at a much different point, which is well into the transaction. It is no longer when your townhouse goes under contract. It will be a full year’s worth of data before we have an apples to apples comparison here if the new MLS does not change their marketing count method.
If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about a month. You could also expect to give about 1.5% of the sales price in closing cost help to your buyer.
The next Braemar Townhouse Report will be out in late May. Until then, when the sale of your Braemar townhouse looks like it is approaching, give me a call and we’ll start with a free market analysis of your home’s value in the current market. From there, we’ll develop the best strategy to meet your home sale timeline and goals. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate