Braemar Property Value Report: May-June 2019 (Carriage Series)
It is time for another Braemar Property Value Report, featuring the latest sales of Braemar Carriage homes. If you don’t know what makes a Braemar Carriage home a Carriage home, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
During the months of May and June, there were nine Braemar Carriage homes that sold. Final sold prices ranged from $415,000 to $460,000. The details of each sale are listed below.
Combining these sales with the entirety of the last twelve months of Braemar Carriage home sales gives us an opportunity to check out our refreshed six and twelve month data points. Here’s what they look like:
Starting with sold price, which ultimately is top of every Braemar Carriage home owner’s mind, we see that both the six month average and six month median sold prices are above their respective twelve month values. This means that Braemar Carriage homes are continuing to push up in value.
Looking at seller subsidy, which is also known as closing cost assistance to buyers, we see more good news for Carriage home owners. The six month average seller subsidy is slightly below the twelve month average. Meanwhile, the six month median seller subsidy is one-fourth the amount in the twelve month median. And just looking above the most recent nine sales, five of nine sales gave absolutely nothing in closing cost help. As more buyers compete for fewer homes, their closing cost requests are shrinking or going away entirely.
Finally, we come to days on market. As you may recall, our region switched to a new MLS in November 2018. The new MLS has a contract status that stops counting days on market a little further into a transaction, not when the property goes under contract. It has another contract status that stops counting days on market as soon as it goes under contract. Our previous MLS stopped counting days on market as soon as any contract status was chosen. As such, we have a mish-mash of data and unreliable marketing time information. This report indicates that the average days on market is increasing slightly, but median days on market is decreasing. We won’t have an accurate gauge on this until January 2020.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about three to five weeks. You could also expect that if you had a closing cost request, it would be minimal.
The next Braemar Property Value Report will be out in September. Until then, when you are preparing to sell your Braemar Carriage home, give ma a call for the most accurate analysis of your home’s value, as well as the most thorough and professional marketing plan. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate