Braemar Condo Quarterly: January-March 2021 (1st Quarter)

Braemar Condo Quarterly: January-March 2021 (1st Quarter)

Being well into the second quarter of 2021, we can now take a look back at the sales activity from the first quarter of 2021 and see what happened in the Braemar Condo resale market. The first quarter covers the months of January through March.

Unfortunately, there were absolutely no Braemar Condos that listed or sold. It’s been a scarce market for buyers who are ready, willing and able.

Having no sales to report doesn’t mean we don’t get an updated look at values. The first quarter of 2020 drops from our year’s worth of data and the six and twelve month data points are refreshed as seen below.

Starting with the sold price column, exactly what I would expect to see is happening. The six month average and six month median sold prices are both above their respective twelve month values. This means that Braemar Condo values are continuing to increase. By the time we see the next sale of a Braemar Condo, I would not be surprised if it were around $350,000.

In the seller subsidy column we see what closing cost help buyers requested and sellers agreed to pay. The $500 present in the six month average and median is very low, particularly compared to the twelve month average seller subsidy. What is typical in sales happening right now is zero closing cost help.

Days on market shows a tad longer time frame than I would have anticipated in the six month numbers. What is present in the twelve month figures seems more like what we would see in a current Braemar Condo sale if we had current sales playing into those six month figures.

If you placed your Braemar Condo on the market, priced to current conditions, you could reasonably expect to be under contract within a week and pay nothing in seller subsidy.

The next Braemar Condo Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar Condo in this unprecedented seller’s market, who you hire to list your home matters. Listing preparation and professional marketing are what elevates buyer enthusiasm and wrings the absolute maximum out of buyers looking to purchase. Get in touch with me and let’s discuss what might need to be done to prepare your Braemar Condo for sale. Since 2005, No One Knows Braemar Better!

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s