Braemar Property Value Report: January-February 2019 (Arista Series)
As I type up this most recent Braemar Property Value Report for home sales in the Arista Series, it is St. Patrick’s Day. Will the luck of the Irish be with us in this report? Thankfully, luck has nothing to do with the market. It’s all supply and demand. Keeping regularly tabs on the market stats gives us the best idea of where supply and demand are trending.
Before we get to the report itself, if you don’t know what a Braemar Arista Series home is, they are the largest homes built by Brookfield Homes in Braemar. The floor plans include the Allister, Buckingham and Canterbury.
During the current reporting period of January and February, there were no Arista homes that sold. Supply problem or demand problem? Hmm. We’ll know next report because there are currently quite a few Arista homes on the market.
What we can do is take a look at the refreshed six and twelve month average and median values.
Unfortunately, the six month average and median sold prices have fallen below the twelve month average and median sold prices. Values had been slipping in recent sales near the end of the year. That is an indication that demand for the largest homes in the neighborhood was waning. Only time will tell if that continues.
Seller subsidy (closing cost assistance to buyers) is much lower in the six month values compared to the twelve month values. Buyers in the most sales did not require large amounts of closing cost help. That’s good news.
When it comes to days on market (marketing time) we see mixed information. The six month average marketing time is lower than the twelve month marketing time. Meanwhile, the six month median marketing time is higher than the twelve month median. Neither change is very dramatic.
If you placed your Braemar Arista home on the market, priced to current conditions, these numbers indicate that your home should be under contract and well on it’s way to settlement, in eight to ten weeks. You could also expect to pay a small amount in closing cost help.
The next Braemar Property Value Report will be out in May. Until then, if you would like to know what your home would be worth in today’s market, call me for a free market analysis. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®