Braemar Property Value Report: January-February 2020 (Arista Series)
As I find myself practicing social distancing to protect myself, and the community at large, from the spread of COVID-19, I have plenty of Braemar Property Value Reports to keep me busy. Today I am going to kick off the string of property value reports with this one for the Arista Series homes in Braemar. Homes known as Arista homes are the largest homes in Braemar built by Brookfield Homes. The floor plans include the Allister, Buckingham and Canterbury. The most commonly seen of these floor plans in Braemar is the Canterbury.
During the reporting period of January and Febuary 2020, there were no Arista homes that sold. No new sales doesn’t mean we don’t have updated values. With a twelve month rolling store of data from Arista home sales in Braemar, I just freshen up the six and twelve month value points. When I do, here’s what we get:
Looking first to property values, we see that the six month average sold price is well above the twelve month average sold price. This would indicate Braemar Arista home values are definitely increasing in the more recent sales. However, that is before we look at the six month median falling slightly below the twelve month median which would indicate that Braemar Arista home values are more stable in value. With no new sales to compare to these two values, all I can tell you is that demand for single family homes in Braemar is still high. Don’t panic.
When it comes to seller subsidy (also known as closing cost assistance to buyers,) there is a more clear trend. Both the six month average and six month median values are well below their twelve month counterparts. To win in this competitive market place, Braemar Arista home buyers are having to minimize seller subsidy requests to get their offers accepted by sellers, particularly in multiple offer situations.
Days on market reveals data that shows stability. The six month average marketing time is a week shorter than the twelve month average marketing time. However, the six month median marketing time is exactly the same as the twelve month marketing time.
If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about three weeks time, maybe a bit more. You could also expect to pay less than 1% of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in May. Until then, know that our area is experiencing very intense buyer demand. If you have been considering the sale of your own Braemar home, now really could be the best time to sell. Call me for a free consultation. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate