Braemar Piggyback Quarterly: July-September (3rd Quarter)

Braemar Piggyback Quarterly: July-September (3rd Quarter)

What a gorgeous fall day. The colors are really starting to pop in our neighborhood. The other thing popping, of course, is our local real estate market. Today I present to you the Braemar Piggyback Quarterly, covering activity from the third quarter. Piggyback townhouses in our neighborhood are characterized by lack of a back yard, as they are attached side-to-side and back-to-back. They also are the only townhouses in Braemar to have two car garages.

During the third quarter, there were four Braemar Piggyback townhouses that sold. Coincidentally, they all sold in the month of July. The details of those four sales are listed below:

While two of the sales were about $355,000, there was one a lot more and one that sold for a lot less. You can probably discern from the information provided that the high sale was the only end unit that sold. The low sale was only a two bedroom townhouse. Taking all of these sales and combining them with the previous three quarters to give us a complete twelve months’ worth of data, our six and twelve month data points are updated as reflected below:

Starting with the sold price column we see that the six month average sold price is a bit higher than than the twelve month average sold price. That’s a smidge more than a 1% gain in average value in the short term average. Meanwhile, the six month median is only $500 above the twelve month median sold price. Any direction upward is good.

The seller subsidy column is where we get to see how much closing cost help Braemar Piggyback townhouse sellers gave to buyers. Of course, in the four most recent sales, no Braemar Piggyback townhouse seller gave ANY closing cost help. However, the average seller subsidy, while lower in the six month value compared to the twelve month value, still shows that Braemar Piggyback sellers had been giving closing cost help in the second quarter and even earlier than that. The six month median and twelve month median seller subsidy values are identical at $5,000. That means that in both time periods, more than half the sellers gave closing cost. If our third quarter sales are any indication of what may be coming up in the fourth quarter, I may expect to see zero in the six month median at a minimum next report.

Days on market, or as I like to refer it–marketing time, was six days faster when comparing the six month average marketing time to the twelve month average marketing time. The six month median marketing time was only three days faster than the twelve month median. This means Braemar Piggyback townhomes are selling even faster.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect that it would be under contract in no more than a week or less than two weeks. You could also expect that if you needed to give seller subsidy, you may only have to give about 1.5% of the sales price.

The next Braemar Piggyback Quarterly will be out in January. Until then, if the need arises to sell your Breamar Piggyback townhouse, give me a call for a free market analysis. While any home can sell in our current market with low inventory and high demand, not every home gets top dollar. Top dollar is only achieved with top notch marketing, negotiation and appraisal preparation. If top dollar is important when you sell, I’m your gal. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker-Licensed in VA
Long & Foster Real Estate

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