Braemar Property Value Report: July-August 2020 (Ryan Homes)
The month of September is slipping by fast and I am in the home stretch of putting out all my most recent Braemar Property Value Reports. My internal deadline is to have them out by the end of the odd numbered months. Tick tock. Today’s report focuses on sales of houses built by Ryan Homes in our neighborhood and like the rest of the reports put out this month that preceded it, details sales in the months of July and August. Let’s get right to it.
There were only two Ryan homes that sold during our current reporting period. There’s a fairly big difference in their final sold prices. See for yourself.
The difference in sold prices here goes beyond an additional bedroom on Gentle Shade. I listed 12833 Gentle Shade the last time it sold. The home was in good shape, but in need of updating. Boy, did the new owners take care of that. That home was updated from head to toe and the basement even finished. Ballagan, while a nice looking home in good condition, still had basic finishes.
Taking these two sales and combining them with the entire previous twelve months of Ryan home sales in Braemar, our six and twelve month data points are updated as found below:
Starting with the sold price column, we see very healthy increases when comparing the six month average sold price to the twelve month average, and the same when comparing the six month median to the twelve month median. This means Ryan homes in Braemar are continuing to gain value in this seller’s market.
Seller subsidy is a column where we learn how much closing cost help, on average, sellers of Ryan homes are giving in their sales. When looking at the details of our two most recent sales, the sellers gave no seller subsidy at all. However, the six month average seller subsidy is a bit higher than the twelve month average. Not the direction I’ve noticed lately. More importantly, the six month median is exactly the same as the twelve month median. This means that even the shorter term, more than half the Ryan home sellers in Braemar have been giving closing cost help of at least $5,000.
Days on market clearly shows the current seller’s market in full swing. The six month average marketing time has decreased by twenty days from the twelve month average. Meanwhile, the six month median is two days shorter than the already quick twelve month median. Buyers are gobbling up Ryan homes in Braemar just about as fast as they are coming on the market.
If you placed your Ryan home in Braemar on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect to give in the neighborhood of about 1% of the sales price in closing cost help, but might get away with giving nothing if this buyer demand continues producing intense competition.
The next Braemar Property Value Report will be out in November. Until then, know that if you want to take advantage of the peaking prices in our neighbor, the year end market is a great time to do it. Limited inventory is only getting more limited while buyers are still out in droves. Get in touch and let’s investigate what a year end sale might mean for you. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate