Braemar Reflection Quarterly: October-December 2020 (4th Quarter)
Wrapping up the Braemar market reports for this weekend, I bring you the Braemar Reflection Quarterly. This report focuses on the sales of the semi-detached homes located on Tarvie Circle that are attached to one other home only at the rear load garage. This particular edition covers the activity from the fourth quarter of 2020.
Thankfully, there were two sales of Braemar Reflection homes in the last three months of the year. There were two quarters of absolutely no Reflection home sales in 2020. The details of the fourth quarter sales are listed below:
The first thing you may notice is that the first home, with one more bedroom and bathroom on the loft level, sold for a little less than a home without a loft bedroom/bathroom. It is important to note that one, located at 9560 Tarvie, was a bank owned property. It was not in great condition.
Taking these fourth quarter sales and adding them in with the only other Reflection home sale that happened during 2020, we have a total of three Reflection home sales from which to pull our updated six and twelve month data points. They are listed below:
Starting with the sold column we see that the six month average sold price is well above the twelve month average sold price. However, the six month median sold price is a little over $200 above the twelve month average. At worst, this means semi-detached homes in Braemar are holding steady in value. At best, it means they are gaining value. Only more sales in 2021 will tell us which is correct, but I would place my money on values going up giving the low inventory and intense buyer demand that our marketplace is experiencing right now.
In the seller subsidy column we get to see how much closing cost help buyers negotiated from sellers. With the bank sale above giving an enormous amount of closing cost and only parsing these numbers from three Reflection home sales for 2020, these numbers are higher than what I am finding in other Braemar market reports. While the six month average seller subsidy here is higher than the twelve month average, it is probably more fair to look at median seller subsidy in the twelve month time range. This tells us that two of three of the Braemar Reflection home sellers (traditional home owners, not banks) gave absolutely nothing in closing cost help. Because of the nature of the home sale that gave that enormous seller subsidy being a bank sale, it is not going to be a comparable sale for any traditional equity sale where a home owner sells their property. I only hope that bank owned properties don’t start popping up more frequenting in the market.
When it comes to the days on market (DOM) column we see both the six month average and median values are longer than their respective twelve month values. Clearly, the marketing time of nineteen days taken by the banked owned sale is skewing these figures, Looking to the twelve month median days on market, we see that two of three semi-detached Braemar home sellers had their homes under contract in five days or less last year.
If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract a week or less. You could also expect, if higher buyer demand and limited inventory continue in 2021 (which is exactly what we are finding right now) to pay nothing in seller subsidy as buyers compete to win your home.
The next Braemar Property Value Report will be out in April. That’s when we will know what kind of a start our Braemar Reflection home market got off to in 2021. Until then, if you want to investigate the sale of your home while our Braemar home values are peaking this year, get in touch with me. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate