Braemar Townhouse Report: January-February 2020
While this is the last of my Braemar Property Reports, it is certainly not the last of my days of self-isolation thanks to COVID-19. It has been unsettling to see empty store shelves and empty restaurant and gym parking lots when I am out on the rare day I need to run an errand. Still, as a daughter of an 88 year old mother with COPD, I am grateful to all that are doing their best to stay inside and practice social distancing. It may not feel like you are making a difference, but you are.
Now to my specialty, presenting you with another Braemar Townhouse Report. Townhouses, for the purposes of this report, are traditional townhouses with three levels and a back yard. They may or may not have a garage.
There were eight Braemar townhouses that sold during our current reporting of January and February 2020. Final sold prices ranged from $305,000 to $376,000. The details of the sales are listed below:
Taking these eight sales and combining them with the entire last twelve months of Braemar townhouse sales, our six and twelve month data points are updated as follows:
Starting with the sold price column, it is great to see that both the six month average and six month median are above their respective twelve month values. This means Braemar townhouses are still pushing up in value.
The seller subsidy column shows a trend not favoring sellers. Both the six month average and six month median seller subsidy values are higher than their respective twelve month counterparts. This means that Braemar buyers have been asking for, and receiving, more closing cost help. However, according to our most recent sales listed above, half of Braemar townhouse sellers aren’t having to give any closing cost help.
In the days on market column, we see a bit of conflicting information. The six month average marketing time is five days shorter than the twelve month average marketing time. Meanwhile the six month median marketing time is 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 it to be under contract in no longer than two weeks. You could also expect to pay an average of 1.5% of the sales price in seller subsidy.
This report would not be complete this particular go round without answering the big question on most prospective Braemar townhouse sellers’ minds. Will the precautions taken to prevent the spread of COVID-19 affect our Braemar real estate market? It would be foolish to think there wouldn’t be some sort of impact, but I don’t think it will be as noticeable. Even before this virus, our supply of townhouses for sale was not enough to meet demand. Surely, some buyers and sellers will pull out of the market for economical reasons or reasons of general fear. However, there is still a big influence on our market demand. The expansion of Micron in Manassas is adding thousands of jobs to our local area. More jobs than Amazon brought to Virginia. Relocating workers will need housing and they are buying in all kinds of price ranges. And even during these times when we are to shelter in place, our Governor understand that real estate is an essential business. I have been busy taking new listings and helping buyers these last couple weeks.
The next Braemar Townhouse Report will be out in May. Until then, if the need or want to sell your Braemar townhouse arises, get in touch with me for the most thorough analysis of your home’s value and the most professional approach to marketing your home. No matter the market condition, I am here to help you maximize your home’s value. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate