Braemar Patio Quarterly: January-March 2020 (1st Quarter)
Another week of our shelter-in-place is underway. What a great time for this Top Braemar Real Estate Agent to get together yet another Braemar market report. Today’s report is the Braemar Patio Quarterly. This report focuses on sales of the two level, quad style townhouses in our neighborhood.
The first quarter didn’t have a lot of activity, despite intense buyer demand. There was only one Braemar Patio home that sold and the details of that sale are listed below:
Why only one Patio home sale? Well, no other Patio homes were on the market and as of the date of this report, none are. And the story of this sale started back on July 12, 2019. I remember competing against this listing when I listed and sold 12849 Rannoch Forest in late summer last year. My listing was priced only $5,000 lower, and sold in two weeks. There were other sales reported here that were also competing against this particular Patio home. This one has been lingering on the market, with a brief time off the market, for 171 days. The marketing time on this one should never have been this long, and it will skew the marketing times in our report. Your choice of listing agents makes a HUGE difference in your outcome when selling.
Taking this sale and combining it with the prior three quarters of Patio homes, our six and twelve month data points are updated as follows:
Starting with the sold price column, both the six month average and six month median sold prices are below their twelve month respective values. However, looking to the sale that happened in the first quarter being substantially higher than any of the average and median values, this “drop” in value may be misleading. Patio homes in Braemar are still in high demand.
The seller subsidy column shows that the six month average and median seller subsidy values are both lower than their twelve month average and median values. This would indicate seller subsidy (closing cost assistance that sellers give to buyers) is going down. Again, our most recent sale shows contradictory information. One thing we do see is that when prices go up, seller subsidy tends to increase as well.
Finally, we get to the days on market column. The six month average and median, not surprisingly, are higher than their twelve month respective values. Will the pandemic and shelter-in-place affect marketing time? We’ll have to wait and see.
If you placed your Braemar Patio home on the market priced to current conditions, it would be reasonable to expect your home to be under contract in less than three weeks. You could also expect to give an average of about 1.5% of the sales price in seller subsidy.
The next Braemar Patio Quarterly will be out in July. By then, we’ll have a good look at what the pandemic has meant to our Braemar real estate market. Until then, if you have a need or want to sell, there are still plenty of buyers out there looking for homes in our area despite our current public health crisis. Give me a call if you need to discuss safely selling your home while still maximizing profit and minimizing marketing time. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate