Braemar Property Value Report: January-February 2019 (Courtyard Series)
There has been quite a bit of activity in the Braemar Courtyard home market lately. Some people may think that the first two months of the year are slow in our real estate market, but they probably don’t read my Braemar Property Value Report.
This edition of the Braemar Property Value Report focuses on what’s been happening in the Courtyard homes in our neighborhood. Braemar Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space. Models include the Arlington, Ballston and Clarendon.
During the months of January and February, there were two Braemar Courtyard homes that sold. Details of those sales are listed below.
Taking these two most recent sales and combining them with the entire last twelve months of Braemar Courtyard home sales, new six and twelve month data points are generated. This is where we can tell if our market is favoring sellers, buyers or remaining stable.
Looking at sold prices, it is good to see the six month average sold price above the twelve the month sold price. Meanwhile, the six month median and twelve month median sold prices are identical. The report seems to indicate increasing values in the average sold price change and stability in the six month median sold price change. Either way, it is not bad news for Braemar Courtyard home owners.
We see a definite trend when it comes to seller subsidy, also known as a closing cost assistance to buyers. Both the six month average and median values are higher than the twelve month average and median values. This means buyers in the market for Braemar Courtyard homes are in need of and requesting more money from the sellers to get into the deal. If it can get padded into the sales price, as the sale that happened on February 15th did, that’s not a bad thing.
Finally we come to days on market, or as I like to call it, marketing time. Before we even begin, remember that our MLS changed in November. And the new MLS stops the marketing clock, not when home goes under contract, but when the contingencies to the contract are removed. This is going to make our data here unreliable until the new MLS, at the outcries of agents like me, change their reporting method or we get one year into this.. Not surprising, the marketing time is longer in both the six month average and median values compared to their twelve month counterparts.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement within one or two months. You could also expect to pay about 1.5% to 2% in closing cost help to the buyer.
The next Braemar Property Value Report will be out in late May. Until then, when you want to know what your specific Courtyard home is worth in today’s market, give me a call for a free market analysis and the low down on market conditions that are affecting it. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate