Braemar Property Value Report: May-June 2020 (Carriage Series)
The heat wave Bristow is experiencing is brutal. Temps over one-hundred and high humidity makes for a trying outside experience. Add a mandatory face mask and take away the community pool and you have a miserable summer experience. Here’s to better days ahead. Currently I am enjoying a day off from showing property to my buyer clients. They are tired of the heat and exhausted from the insane level of competition for any listing worth buying. It’s simply not sustainable and creating a bubble that has to burst. First time buyers are struggling to buy homes.
As I enjoy my air conditioned office, allow me to bring you the most recent Braemar Property Value Report. This one features sales of homes for the months of May and June for the Carriage Series. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
There were four sales of Braemar Carriage homes during our current reporting period. The details of those sales are listed below.
Taking these four sales and combining them the entire previous twelve months worth of Braemar Carriage home sales, we get updated six and twelve month data points that are pictured below.
Starting in the sold price column, it is no surprise to see both the six month average and six month median sold prices higher than their respective twelve month values. As stated in the opening remarks of this property value report, our market has insane buyer demand. Values are continuing to increase. Where’s the peak? We have to be getting close, but no one knows. We;ll only know we’ve peaked when we see values falling off.
Next up, the seller subsidy column. This is where we learn how much closing cost help buyers are getting in their Braemar Carriage home purchases. Again, it is no surprise to see that the six month average and median seller subsidy values are below their twelve month counterparts. As you can see in the detailed sales above our data points, some sellers aren’t having to give any seller subsidy.
Finally, days on market shows a bit of a surprise as far as I’m concerned. Both the six month values show slightly higher marketing times than their respective twelve month values. Apparently, two of the most recent sales took a bit of time to get under contract. Two of them were under contract in five days. The latter is more like it in the current market conditions.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a little over two weeks, if not sooner. To be blunt, if your Braemar Carriage home is taking longer than a week to go under contract right now, you are over priced for the condition and/or presentation of your home. You could also expect to pay an average of about 1% of the sale price in seller subsidy.
The next Braemar Property Value Report will be out in September. Until then, if you want to take advantage of our record high prices and market demand, give me a call for the most accurate evaluation of your home’s value. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate