Braemar Patio Quarterly: April-June 2019 (2nd Quarter)
Good grief it is hot outside! I just returned from a photo shoot of an upcoming Braemar Patio home listing at 12849 Rannoch Forest, which will be hitting the market this weekend priced at $360,000. I’ll be holding that main level bedroom Patio home open on Sunday from 12pm-2pm. Just walking from the house to the car I felt exhausted and overheated. I didn’t feel at all guilty about driving to Safeway to pick up some ice cream before heading home. If ever there was ice cream weather, this is it. Treat yourself!
Right now it is time for another Braemar Patio Quarterly, focusing on sales of Braemar Patio homes between April and June. If you aren’t familiar with Braemar Patio homes, they are also know as quads. They are two level homes with one car garages, attached at two sides and a corner to other Patio homes.
During the second quarter, there were two Braemar Patio homes that sold. Neither was the floor plan with a main level master. There were three bedroom, two and a half bathroom models with galley kitchens. The details of the sales are listed below.
The difference between the Patio home that sold for $370,000 and $360,000 seems to be that the higher had hardwood floors throughout. It’s probably also worth mentioning, it had very good marketing photos. The one on Earls Ferry seems to have only two listing photos. Not very confidence inspiring to buyers. When we take these two sales and combine them with our twelve months worth of Braemar Patio home sale data, here are the updated six and twelve month data points we get.
Starting with sold prices, the six month average sold price is a little higher than the twelve month average sold price. Better news is that the six month median sold price is markedly higher than the twelve month median sold price. Braemar Patio homes continue to increase in value.
When it comes to seller subsidy (closing cost assistance to buyers from sellers) the six month average is slightly higher than the twelve month average. However, the six and twelve month median seller subsidy values are zero. That means you have a very good chance of not paying any closing cost assistance if you are a Braemar Patio home seller.
Days on market continues to be an issue, as our MLS calculates days on market differently than our previous MLS. Since we switched MLS systems in November 2018, we need an entire year’s worth of data before we have an apple to apples comparison. Reading what we have, it seems that the average marketing time is increasing in the six month value over the twelve month. However, the median marketing time is about the same from the twelve month value to the six month value. All I can tell you is demand is high and Braemar real estate has been selling fast when it is priced right and marketed well.
If you placed your Braemar Patio home on the market, priced to current conditions, you could be under contract in as little as a week, or as long as a month and a half. You could also have a reasonable expectation of giving one percent or less of the sales price in closing cost help.
The next Braemar Patio Quarterly will be out in October. Until then, when you are thinking of putting your Braemar Patio home on the market, give me a call and let’s look at the current market conditions. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate