Braemar Property Value Report: May-June 2019 (Heritage Series)
What’s a Top Braemar Real Estate Agent do on the weekend when they aren’t showing property on Saturday? Research the market and put out another Braemar Property Value Report of course! This particular edition focuses on sales of Heritage Series homes in Braemar between May and June. 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.
There were nine Heritage homes that sold in Braemar between May and June. Exactly the same number of Heritage homes that sold in our last report, by the way. Sold prices ranged from $425,000 to $539,000. Details of those sales are listed below.
You may immediately notice that the last sale is highlighted in pink. That is because that was a home that I listed and sold. It was great to be able to help the seller of 10024 Naughton Court get multiple offers and sell above list price. Selling Braemar homes for top dollar is my specialty.
Taking these nine sales from May and June and combining them with the entirety of the last twelve months of Heritage home sales, we get updated six and twelve month data points. Here’s what they look like now:
Let’s start with a quick look at sold prices. The six month average sold price is higher than the twelve month average sold price. Meanwhile, the six month median sold price is exactly the same as the twelve month median sold price. The former indicates rising values. The latter indicates stability. Either way, home values aren’t falling. We’ll just wait to see if there is a more definite trend next report.
In the category of seller subsidy, a.k.a. closing cost help to buyers, there is a definite trend and it favors sellers. The six month average seller subsidy is lower than the twelve month average seller subsidy. While the six and twelve month median values are the same, they are holding at zero closing cost help. In this market of high demand and low inventory, buyers are having to forego large closing cost requests to win in multiple offer situations.
When it comes to days on market, we have not yet gotten to the point of having twelve solid months of marketing time data from our new MLS. It won’t be until January 2020 that we do. So for now, any trend here is unreliable. That said, this report shows that the average days on market is unchanged from the twelve month value to the six month value. Meanwhile, the six month median days on market is shorter than the twelve month median days on market.
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 settlement within a week or two and a half. As for closing cost help, if you had to give any, it would likely be minimal.
The next Braemar Property Value Report will be out in September. Until then, when you are ready to investigate the sale of your Braemar home, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate