Braemar Condo Quarterly: October-December 2020 (4th Quarter)

Braemar Condo Quarterly: October-December 2020 (4th Quarter)

Happy New Year! The much anticipated 2021 is here and there is hope that things will soon get back to some sort of normal. For now, however, nothing has changed except the date. Same for the Braemar real estate market. We are still experiencing extremely low inventory and high buyer demand. Let’s take a look at how that has affected Braemar Condo values in this edition of the Braemar Condo Quarterly, which focuses on the fourth quarter activity of 2020.

To start, there were only two Braemar Condos that sold during the fourth quarter. Our already low inventory dwindled to nothing as the end of the year approached. The details of the two Braemar Condo sales from the fourth quarter are listed below.

Taking these two sales and combining them the entire year’s worth of Braemar Condo sales, our updated six and twelve month data points give us an idea as to how the real estate market has been faring.

The sold price column shows us that the six month average sold price is almost exactly $2,000 than the twelve month average sold price. Meanwhile, the six month median and twelve month median sold prices are the same. There is still growth in Braemar Condo values and likely will be for the foreseeable future.

Seller subsidy is the column where we learn how much closing cost help buyers negotiated in their contracts with sellers. It is a bit surprising, given the intense competition buyers are facing, that the six month average seller subsidy is higher than the twelve month average, as well as the six month median being higher than the twelve month median. However, looking at the two most recent Braemar Condo sales, only one of them gave any seller subsidy and the one that did give it gave a very low amount at $1,000. Likely something negotiated in lieu of home inspection repairs from my experience.

Days on market also has an increase, though very slight, in both the six month values compared to their respective twelve month values. Some of this may have to do with the thirty-one day marketing time of one of the more recent sales. That long of a time frame is unusual.

If you placed your Braemar Condo on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect to give less than 1% of the sales price in seller subsidy, if any at all.

The next Braemar Condo Quarterly will be out in April. Until then, if you find yourself ready to place your Braemar Condo on the market, get in touch with me for the most accurate assessment of your condo’s value in today’s market. Since 2005, No One Knows Braemar Better!

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

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