Braemar Property Value Report: November-December 2019 (NV Homes)
Happy Monday! This happens to be my favorite day of the week. Of course, back to work is the association most folks have with Monday, and it’s no different for me. I just happen to love my job as a Top Braemar Real Estate Agent.
Today I’m going to share with you the latest Braemar Property Value Report, focused on sales of houses built by NV Homes. This edition focuses on the sales activity of NV Homes during the months of November and December 2019.
There was only one NV Home that sold during the last two months of 2019. It sold for $560,000 and the detail of that sale is listed below.
Taking this sale and adding it to the entire year’s worth of NV Home sales from 2019, our six and twelve month data points are updated to reveal the following:
Let’s start by examining the sold price column. The first thing I notice when I look here is that the six month average sold price is higher than the twelve month average sold price. That alone would an indication that NV Home prices continue to increase in the more recent sales. Then I notice that the six month median sold price and the twelve month median sold price are exactly the same. This alone would indicate NV Home values are steady. Finally, looking at the most recent sale of a large, three finished level NV Home at $560,000, which is below all the median and average sold prices…well that concerns me. We’ll have to wait and see what our next report shows for value, but I feel safe calling them stable for now.
When it comes to seller subsidy, we see a good seller favored trend when we see that the six month average seller subsidy (closing cost assistance to buyers) is quite a chunk of change lower than the twelve month average seller subsidy. Then again, we see that the six month median and twelve month median seller subsidy values are exactly the same. So what how does the most recent sale compare with seller subsidy. It’s seller subsidy was higher than any of the above. Again, we’ll have to wait and see what our trend is. Right now, we’ve got mixed messages.
Looking at days on market (marketing time) there is a definite trend. Both the six month average and six month median marketing times are longer than their respective twelve month counterparts. Our most recent sale on Island Fog also shows this to be true. While the length of time it is taking to go under contract has increased, it is still not anything troubling.
If you placed your NV Home on the market, priced to current conditions in Braemar, you could expect it to be under contract in about three weeks. You could also expect to pay about 1% of the sales price, maybe a little more, in closing cost help to your buyer.
The next Braemar Property Value Report will be out in March. Until then, if you have been thinking that the 2020 spring market may be your time to list, the time to act is now. Real estate spring is happening NOW. It always happens earlier than Mother Nature’s spring. Demand is high and our supply is pitifully low. Give me a call and let’s talk timing, price and marketing. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate