Braemar Property Value Report: July-August 2020 (Arista Series)
The chill of fall is in the air and reminding me why I love this time of year so much. Brightly colored leaves will be a welcome sight next month. Unfortunately for buyers, it seems the coming of fall doesn’t seem to have lightened demand for housing.
Right now, it is time for another Braemar Property Value Report, detailing sales of homes in the Arista Series. Arista homes are the large single family homes built by Brookfield Homes in our neighborhood and are one of three models: Arista, Buckingham or Canterbury.
During our current reporting period of July and August, there were four Arista homes that sold. The details of those sales are listed below.
Combining these four sales with the entire previous twelve months of Arista home sales, back to June 2019, our updated six and twelve month value points are updated as seen below.
Starting with the sold price column, we see that both the six month average and six month median values are both higher than their respective twelve month values. This means that Arista home values in Braemar continue to push upward.
The seller subsidy column is where we see how much closing cost help sellers are giving. While the six month median and twelve month median values are identical, indicating no change, the six month average is slightly higher than the twelve month average. As our market demand continues to increase prices and move homes quickly, buyers in upper price ranges may be struggling to afford every cost associated with buying them. We see that half of the sellers in our current reporting period gave closing cost help, the other half gave none.
The last column shows us how long it has been taking to sell Braemar Arista homes. Both the six month average and median marketing times are faster than their twelve month counterparts. This means Braemar Arista homes are selling faster.
If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect you may have to give some closing cost. Expect the worst, hope for the best.
The next Braemar Property Value Report will be out in November. Until then, if you have been looking for the top of the market to sell your Braemar home, we are nearing that point. We will only know we’ve hit the top when we start to see prices falling. Now is an excellent time to sell. Get in touch with me if you want to investigate the sale of your Braemar home. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate