Braemar Townhouse Report: November-December 2020

Braemar Townhouse Report: November-December 2020

Hard to believe we are almost one month into 2021. Time flies. Of course, with 2020 closed out, it is time to look back at the Braemar townhouse market and see how things ended last year with respect to property values and other real estate market indicators. Let’s get right to it.

During the months of November and December there were nine Braemar townhouses that sold. The details of those sales are listed below.

Combining these most recent sales with the entire year’s worth of Braemar townhouse sales, our six and twelve month data points are updated as seen below.

Looking at both six month sold prices compared to their respective twelve month sold price, we see both six month values being higher than the twelve month values. This means Braemar townhouses are continuing to increase in value in this seller’s market.

Seller subsidy is where we get to see how much closing cost assistance Braemar townhouse buyers negotiated from their sellers. The six month average seller subsidy is a little below the twelve month average seller subsidy. More importantly, both the six month and twelve month median values are at zero. This means in both time frames that more than half of Braemar townhouse sellers gave no closing cost help at all. Buyers in this competitive marketplace are having to cover as much of their closing costs as they can to have a chance to win in a multiple offer situation.

Days on market actually increased in the six month average compared to the twelve month average, but only by two days. Looking at the most recent solds there were a couple of oddballs, one that took longer than two weeks and one that took a month and a half to get under contract. That’s not typical for a seller’s market. Thankfully, the six month median and twelve month median show us that in both time frames, more than half of Braemar sellers were under contract in four days or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect that while you may see offers with requests for seller subsidy, the market may continue to be so competitive you have to give none.

The next Braemar Townhouse Report will be out in March. Until then, if you would like to sell your Braemar townhouse while values are peaking this year, let’s talk about how to get the absolute maximum for your home. Even in a seller’s market, the listing agent you hire matters to your bottom line in how they advise you, market your home and negotiate for you. Since 2005, No One Knows Braemar Better!

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

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