Braemar Townhouse Report: May-June 2019
Welcome to the Braemar Townhouse Report! This is the last of the Braemar Property Value Reports that I compile to keep Braemar home owners up to date on what is happening in our real estate market. This particular report covers the sale of traditional townhouses in Braemar that are NOT condos, have three levels and a back yard.
There were eighteen townhouses in Braemar that sold between the beginning of May and end of June. Final sold prices ranged from $270,000 to $385,000. The details of those sales are listed below in chronological order.
Adding these eighteen sales with the previous twelve months worth of Braemar townhouse sales, our six and twelve month data points are updated as you see below.
Starting with the sold price column, we immediately see a great trend. The six month average and six month median sold prices are both above their respective twelve month data points. That means Braemar townhouses are still pushing up in value.
Seller subsidy, a.k.a. closing cost help to buyers, shows another trend favorable to Braemar townhouse sellers. Both the six month average and median seller subsidy amounts are lower than their twelve month counterparts. This means buyers are asking for less closing cost in this competitive market when demand is high and inventory is low.
Days on market, or what I call marketing time, is an unreliable category since the change to our new MLS in November 2018. Our previous MLS stopped counting days on market no matter what contract status a listing agent chose for a listing. It truly told us how long it took to go under contract. Our new MLS has two different contract statuses and each one stops counting days on market at a different point. One when a property goes under contract, another when the buyer’s contingencies have been removed. If we took these numbers at face value, it seems that the six month average marketing time is a little longer than it has been in the longer term, twevle month average. The six month median marketing time is only one day longer than the twelve month median marketing time.
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 within two to four weeks. You could also expect to pay out about 1% of the sales price in closing cost help.
The next Braemar Townhouse Report will be out in September. Until then, when the time comes to sell your Braemar townhouse, call me for the best results. Selling Braemar homes for top dollar is my specialty. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate