Braemar Reflection Quarterly: January-March 2020 (1st Quarter)
Happy Friday! It may not be the sunniest day, but the temps are great, the sun is in and out of the clouds and it isn’t raining. Sure is nicer than yesterday. In fact, when I am done writing this Braemar Reflection Quarterly report, I may just go for a stroll. That’s the one good thing I see that our shelter-in-place directive has produced…a lot more people taking walks in the neighborhood.
This Braemar Reflection Quarterly covers the sales activity of Reflection homes in Braemar, which are the semi-detached homes located off of Tarvie Circle, for the first quarter of the year. Let’s dive right in.
There was only one Reflection home that sold during the first quarter. Details of that sale are listed below:
Taking that one sale and adding it to the previous three quarters of Braemar Reflection home sales, our six and twelve month data points are updated as follows:
Starting with the sold price column, there is an increase in the six month average sold price over the twelve month average sold price. Meanwhile, the six month and twelve month median sold prices are the same. To me, this indicates stable values for Braemar Reflection homes.
The seller subsidy column shows decreases in both six month values compared to their respective twelve month values. This means buyers have been having to forego large, or closing cost requests altogether in our competitive market.
Finally, the days on market column shows a slight increase in the six month average marketing time compared to the twelve month average marketing time. Meanwhile, the six and twelve month median marketing times are exactly the same. More stability.
If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in one to three weeks. You could also expect to pay a very minimal amount in closing cost help to your buyer.
Will the measures our state government has taken to slow the spread of COVID affect our Braemar real estate market? By the time the second quarter reports are out in July, we’ll have an idea if there is an effect. Until then, if you find yourself in a position to sell your Braemar home, give me call for a free, professional market analysis. I can help you sell your home safely and for maximum profit. Hiring the right listing agent has never been more important. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate