Braemar Property Value Report: September-October 2020 (NV Homes)
Showing property on a rainy day can be messy. Thank goodness for hooded rain jackets with deep pockets. Helps to not have to carry an umbrella. All part of being prepared when you are Top Real Estate Agent in the area. Another part of being a Top Agent, at least as far as I am concerned, is having a grasp on market data. One of the things that started me doing these Braemar Property Value Reports back in 2005 was a want to know what was happening my neighborhood. Being able to compile these reports and share them with you is something I take pride in.
Today’s Braemar Property Value Report focuses on the NV Homes in our neighborhood. During the months of September and October, there was only one NV Home that sold. The details of that sale are listed below.
Combining that one sale with the entire past twelve month of NV Home sales in Braemar, the six and twelve month data points are updated as reflected below.
Looking first at the sold price column, what indicates rising values are six month values higher than their respective twelve month values. In the case of this NV Home report, those six month values are falling below their twelve month counterparts. Having seen this in the Arista Home report, of equivalently large single family homes are featured, I’m not necessarily surprised by this. Could be a blip. Could be we are seeing the softening of the real estate market start here in the larger single family homes. When we had our slide in 2008, that’s where it started was larger single family home values. Unfortunately, all we can do is wait for the next report to see if this was a blip, or if the same happens next report.
The seller subsidy column is where we learn how much closing cost help sellers gave to their buyers. Her we find exactly what I would expect to find in the strong seller’s market we have been experiencing. The six month average seller subsidy has decreased more than half of what the twelve month average seller subsidy was. And the six and twelve month median values are in agreement at zero. This latter one is more telling because it means more than half the sellers in both time frames gave nothing in closing cost help.
Marketing time is showing conflicting information. The six month average days on market was two days shorter than the twelve month average days on market. That indicates that NV homes were selling faster in the shorter term. Meanwhile, the six month median has doubled compared to the twelve month median. However, the six month average and six month median marketing times are in agreement.
If you placed your NV Home on the market, priced to current conditions, you could expect it be under contract in two weeks. You could also expect to give nothing in seller subsidy.
The next Braemar Property Value Report will be out in January and will detail how we ended 2020. In the meantime, I wish you every happiness this holiday season. And if the need arises to sell your Braemar home, don’t hesitate to call me. Our year end selling season is one of the most powerful times of the year to sell and I would be happy to tell you why. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate