Braemar Property Value Report: March-April 2019 (Arista Series)
A rainy weekend is always a great time for this Top Braemar Real Estate Agent to crunch numbers for new Braemar Property Value Reports. The first report in the series is for the Arista Series. Why? From the inception of this report, I have start with detached homes, alphabetical by the series.
In the event you are unfamiliar with what exactly an Arista Series home in Braemar is, they are the three largest single family homes built by Brookfield Homes in our neighborhood. The floor plans are the Allister, Buckingham and Canterbury. If you aren’t sure what floor plan your Braemar home is, feel free to send me an email with your address and I’ll be happy to let you know.
During the months of March and April, there were two Braemar Arista homes that sold. The details of those sales are below:
Unfortunately, the sale at 9530 Laurencekirk was a foreclosure in rough shape. Having personally toured it, I wondered why the bank would not even bother with a simple house cleaning. There was filth that left your mind to imagine all kinds of horrible scenarios in the master bathroom and the kitchen. The powder room on the main level must have had a water issue because the drywall on the lower half of the framing had been removed. It was such a sad sight. And honestly, I’m shocked anyone paid $463,000 for the home with the amount of work that needed to be done.
When I updated the six and twelve month data points with our newest sales in the rolling twelve months of Arista home sales, here is what I came up with:
The six month average and median sold prices are both below their twelve month counterparts. I would love to tell you that this is due to that very sad foreclosure sale, but the truth is that Arista homes haven’t had six month values above the twelve month values since our September/October 2018 report. It seems that Arista home values have been trending down, despite the frenzy of buyer demand in our area. Buyers are gobbling up homes under $500,000. The larger homes are not experiencing the same conditions.
When it comes to seller subsidy (closing cost assistance to buyers,) there is good news. It seems that buyers are getting less in seller subsidy in the six month values than we see in the twelve month values. That’s a good trend for Braemar Arista home owners.
Days on market, is one where we see no change in the six month median to twelve month median values. However the six month average marketing time is a little shorter than the twelve month average marketing time.
If you placed your Arista home on the market, priced to current conditions, you could expect it to be under contract in about two months. You could also expect to give a minimal amount in closing cost help, if the current trend holds.
The next Braemar Property Value Report will be out in July. Until then, if you want to know what your Braemar Arista home is worth in the current market, give me a call or send me an email. Selling Braemar homes is my specialty. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate