Braemar Townhouse Report: March-April 2019
It is hard to believe that May is nearly over, school is almost out and summer is upon us. While we enjoy our sunny summer days, it is time for the latest edition of the Braemar Townhouse Report. This one features traditional townhouse sales in Braemar during the spring months of March and April.
There were nine Braemar townhouses that sold during our current reporting period. Oddly enough, there were all one car garage townhouses. That hasn’t happened that I can recall in the time I’ve been putting these reports since 2005. The details of those sales are listed below:
Taking these nine sales and combining them with the entire last twelve months of Braemar townhouse sales, our updated six and twelve month data points are as follows:
Let’s start by taking a look at the category that interests all Braemar townhouse owners the most: sold price. Even though all but one or two of the nine current sales are above the six month average and median values, the six month value markers have both fallen below their respective twelve month value markers. Given the aforementioned sold prices from March and April, this is likely a hiccup and nothing to indicate falling values. Time will tell when the next Braemar Townhouse Report is published in July.
Seller subsidy, also known as closing cost assistance to buyers, is largely unchanged when looking at the six month values compared to their twelve month counterparts. Clearly, the majority of Braemar townhouse buyers are expecting some amount of closing cost help.
Finally we come to days on market, or marketing time as I like to call it. Here we see a definite increase when comparing the six month average to the twelve month average, and also when we compare the six month median with the twelve month median. If we hadn’t changed MLS systems in November, which calculates days on market differently, this would concern me. It doesn’t right now. And when we sit down to look at the Braemar market when you are ready to sell your townhouse, one thing I do is manually calculate how long it takes homes to go under contract. Until the MLS days on market is a reliable value, that’s what any Top Braemar Listing Agent should be doing.
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 one month. You could also expect to give about 1.5% of the sales price in seller subsidy.
As noted above, the next Braemar Townhouse Report will be out in July. Until then, if the need or want arises for your to sell your townhouse, give me a call for the most accurate market analysis of your home’s value in the current Braemar marketplace. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate