Braemar Property Value Report: March-April 2019 (Heritage Series)
Graduation time is approaching and I know several families with seniors at Patriot High School that are excited to see this time come for their kids. Of course, the excitement is tempered with a bit of sadness. Time flies and when something like a graduation marks exactly how much time has gone by, it can give you pause. Take time to enjoy the moments and celebrate safely.
Speaking of time, enough has passed to present you with another Braemar Property Value Report. The various editions of the Braemar Property Value Report come out every two months and tracks sales of particular home types in our neighborhood, tracking values along the way. This report focuses on sales of Braemar Heritage Series homes. Heritage Series homes are mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.
Tied with Braemar townhouses for the most sales in the months of March and April, Heritage homes saw nine sales in our current reporting period. That’s a lot of sales activity! The sales are detailed below.
The sales ranged in final sold price from $442,000 to $550,000. I was pleased to sell 12146 Millbill Court, highlighted in pinkish-purple above. It is the oldest home on the list and sold above list price, with multiple offers, for the highest price of any of those built in the 1990’s. And despite the marketing time listed above, it was under contract in two days. It took twenty-two days to remove the contingencies. That means our new MLS is still reporting marketing time in a manner in-congruent with what we had been used to, making marketing time above unreliable.
Taking these sales and combining them with the entire past twelve months of Heritage home sales, we get new six and twelve month data points. Those figures are listed below.
Starting with sold price, it is fantastic to see both the six month average and median sold prices above their twelve month counterparts. This means values of Braemar Heritage homes are still increasing.
When it comes to seller subsidy, also known as closing cost assistance sellers give buyers, the six month average is below the twelve month average, while both the six and twelve month median values are zero. In the seller’s market, many buyers have been having to forego closing cost help, or settle for lower amounts, to win out in multiple offer situations. More good news for Braemar Heritage home owners.
Marketing time, as mentioned above when discussing the sale of 12146 Millbill Court, is a number that is not counted the same as it used to be in our old MLS. Previously, as soon as a home went under contract, no matter variety of contract status was published, the days on market counter stopped in our old MLS. However, in November, we switched to an MLS that only stops the days on market counter if you choose the contract status indicating there are no contingencies in the contract. It’s a mess. So when I see that marketing time has increased in both the six month values compared to their twelve month counterparts, I am not at all panicked. Braemar Heritage homes are going under contract fast!
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract and well on your way to closing in fifteen to twenty days. You could also expect to pay 1/2% of the sales price in closing cost help, if any at all, to your buyer.
The next Braemar Property Value Report will be out in July. Until then, rest assured that when the time comes for you to sell your Braemar home, I will hand calculate marketing times during our meeting. I know you don’t care how long it takes to get contingencies removed, but how long it takes to make a deal with a buyer. And my unparalleled knowledge of our neighborhood and top notch marketing, will get your home under contract for the maximum amount of money in short order. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate