Braemar Property Value Report: July-August 2020 (Carriage Series)
It won’t be long before we see a brilliant display of fall foliage and I am looking forward to it. This summer has been one of the most hectic I have ever experienced as a Bristow Real Estate Agent. And unfortunately for buyers, I don’t think the fall market is going to ease up the demand or lack of supply.
Right now it is time for another Braemar Property Value Report, featuring sales of Carriage Homes in our neighborhood for the months July and August. 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 three Braemar Carriage homes that sold during the months of July and August. Details of those sales are listed below:
Taking these three sales and combining them with the rolling twelve months of previous Carriage home sales in Braemar, our six and twelve month data points are updated as reflected below:
Starting with the most important column to Braemar Carriage home owners, the sold price column, we see that both the six month average and six month median sold prices are well above the twelve month average and median sold prices. This means that Braemar Carriage homes are continuing to increase in value. Not surprising. Out of the two homes that sold in in July and August, I had two buyers that competed in multiple offer scenarios, making healthy offers, and lost. That kind of competition is what is driving these values up.
In the seller subsidy column we get to see how much closing cost help sellers are agreeing to give buyers. The six month average seller subsidy has shrunk by more than half of the twelve month average seller subsidy. Mean, the six month median seller subsidy has zeroed out compared to the $5,000 twelve month median seller subsidy. And even looking at the details of the current reporting period’s sales we see that not one Braemar Carriage home seller had to give any seller subsidy. In those intense multiple offer scenarios, closing cost help is an ask that buyers are learning to forego.
Finally, when it comes to days on market, I am bit surprised to see that the six month average marketing time was two days longer than the twelve month average marketing time. Clearly not a value in the most recent sales throwing that number off, but good to know that even in the seller’s market we have been experiencing for many months now, you can over price a home or have it presented poorly to the market and linger while others are snatched up immediately. Meanwhile, the six month median marketing time is half of what it was in the twelve month median. That is more what I would expect to see.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect that you would not have to give anything in seller subsidy.
The next Braemar Property Value Report will be out in November. Until then, if you are interested in selling your home while values are reaching their peak, give me a call for the most accurate market analysis and top notch marketing that has not slacked at all during these seller conditions. I understand that the better the first impression, the more money you will make in your home sale. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate