Braemar Property Value Report: January-February 2020 (Ryan Homes)
Another day in self-isolation, another Braemar Property Value Report to share with my fellow Braemar home owners. No matter what is happening in our market, this Top Braemar Real Estate Agent is on the job. This particular report focuses on property values of single family homes built by Ryan Homes in our neighborhood. Let’s get to it.
Despite the fact that there were no Ryan Homes sold in the first two months of 2020, our current reporting period, the six and twelve month data points did get recast when the sales from January and February 2019 fell off and the six and twelve month markers shifted. The latest value points are listed below.
In the sold column we have conflicting information. The six month average sold price has fallen below the twelve month average sold price. That would normally mean decreasing values. However, the six month median sold price is above the twelve month median sold price. That would normally mean increasing values. We’ll have to wait and see what the next report brings.
The seller subsidy column, meanwhile, shows a definitive trend. Both the six month average and six month median values are below their respective twelve month values. This means that in our competitive market place, where buyers are often competing for fewer homes, buyers are foregoing large closing cost requests, or not requesting closing cost help at all, to get under contract. Will this continue? There is plenty demand despite the pandemic we are experiencing, but more on that later.
Days on market is a bit troubling. Both the six month average and six month median marketing times are much higher than their twelve month respective values. This means it has been taking longer to sell Ryan Homes. Our next report should clear up what’s going on there. It doesn’t match with what I’ve personally experienced as a Braemar Listing Agent in recent history.
If you placed your Ryan Home on the market, priced to current conditions, this report indicates you could expect it to be under contract in an average of about sixty days, maybe more. You could also expect to give less than 1% of the sales price in closing cost help.
How will the unprecedented precautions being taken to prevent the spread of COVID-19 affect our real estate market? It is hard to tell, but from where I sit as a full-time Bristow Real Estate Agent, I am still taking listings and helping buyers. Properties are still going under contract. Remember, there is a large demand for housing in our area thanks to the expansion of Micron in Manassas. That expansion is adding more jobs in our back yard than Amazon relocating to Arlington did to our state. Of course, we’ve already seen many Micron employees relocating here since the close of their Utah plant. Some buyers and sellers not needing to be in the market at this time may pull back from fear, but we still have plenty of people relocating into the area, and enough relocating out of the area, to keep our market going.
If you find yourself needing to sell during this time, it has never been more important to work with a full-time, experienced professional who is in business in good times and uncertain times. I’m here for you whenever the need arises. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate