Braemar Property Value Report: May-June 2020 (Ryan Homes)
This summer in the Bristow real estate market has been one for the books. Despite the pandemic that hit this year, our demand for housing has reached a fever pitch. Normally, come July and August, our real estate market is pumping the brakes as would-be buyers become more focused on vacations and back to school activities. Not this year. This has been the busiest July I have experienced since getting my license in 2005.
In today’s Braemar Property Value Report, which features sales of Ryan Homes in our neighborhood, we will be looking back to the activity from May and June. During those two months, there were two Ryan Homes in Braemar that sold. The details of those sales are listed below.
When looking at the two sold prices above we notice quite a spread in the two sold prices. Who would expect a home with an unfinished basement and one less full bathroom to close for more than a home those items? Well, upon closer inspection, the home at 12821 Gentle Shade was a foreclosure in rough shape. It need carpet, paint, floors refinished, etc. Not uncommon to find that sellers would couldn’t afford their mortgage payments also couldn’t afford to keep up with their homes. Nonetheless, that’s the reason for the difference.
Combining these two sales with the entire previous twelve months of Ryan Homes sales in Braemar, we get updated six and twelve month value markers that tell give us insight to our market. Those updated value markers are found below.
Looking first at the sold column, we find both the six month average and six month median sold prices are substantially higher than their twelve month counterparts. This means Ryan Home values in Braemar are still rising.
The seller subsidy column shows us what Ryan Home sellers have been giving buyers in closing cost help on average. I’m a bit surprised to see both the six month average higher than the twelve month average AND the six month median higher than the twelve month median. In most reports, I’m finding as buyer competition has increased, seller subsidy has decreased. We’ll keep an eye on that for next report.
The days on market column shows us how long it has taken Ryan Homes to go under contract in our Braemar market. This trend is exactly what I would expect to see. Both the six month values are faster than their respective twelve month values. This means Ryan Homes have been selling faster in the more recent sales.
If you placed your Ryan Home on the market, priced to current conditions in Braemar, you could expect it to be under contract in less than a week. You could also expect to pay a bit more than 1% of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in September. Until then, I hope you enjoy the rest of your summer. And if the time comes to sell your Braemar home, give me a call. With top notch marketing and unparalleled knowledge of our neighborhood, I can help you maximize your profit in any market conditions. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate