Braemar Patio Quarterly: April-June 2020 (2nd Quarter)
If you were wondering what your Braemar Patio may be worth in this high buyer demand/low inventory market, today is your lucky day. This is the Braemar Patio Quarterly, featuring sales of Braemar Patio homes during the second quarter of the year.
There were two sales of Braemar Patio homes in the three months making up the second quarter. Those sales are detailed below.
In most of the Braemar Patio homes I see with main level bedrooms, there are three bedrooms upstairs and an additional two full bathrooms. However, the sale on Brewland had only two additional bedrooms on the upper level and the two bathrooms. The one on Rannoch Forest was lacking a third bathroom on the upper level but had an gorgeous two story living room. Judging from the price, the two story living room didn’t make up for lacking that third bathroom.
Taking these sales from the second quarter and combining them with the three quarters before, we get an entire year’s worth of sale data for the Braemar Patio homes. Our updated six and twelve month data points are below.
As usual, we start by looking at the sold price column. Here we see a slight decrease in the average sold price from the twelve month average to the six month average. That’s due to the low sale of the most recent sale on Rannoch Forest that lacked that additional full bathroom. However, the six month median sold price is exactly the same as the twelve month median sold price. All in all, it seems Braemar Patio home values are remaining stable.
In the seller subsidy column we get a peek at what the average and median amounts of closing cost help sellers are giving in these sales. The six month average and six month median seller subsidy values are both well below their respective twelve month values. In this intense seller’s market, buyers are foregoing asking for seller subsidy to just get their offers accepted. It is fierce competition that buyers in this market are facing.
Finally, when we look at the days on market we see that the six month average marketing time is actually higher than the twelve month average marketing time. That’s because there was one sale in the first quarter than took nearly six months due to being overpriced for too long. Mind you, they weren’t overpriced by much, but nonetheless, buyers were not going there. More the trend I expect in this market is the one we see when we find the six month median marketing time is less than half the twelve month median marketing time.
The next Braemar Patio Quarterly will be out in October. Until then, there has never been a better time to wring out the maximum profit from your Braemar Patio home. If you want to know what your Patio home is worth right now, give me a call for a free market analysis. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate