Braemar Property Value Report: March-April 2021 (Courtyard Series)
What a crazy week! Gas lines with a potential gasoline shortage is a reminder of how quickly things can change. Our Braemar real estate market changed, as did the entire Northern Virginia market, during the pandemic last year and has only ratcheted up to the benefit of sellers since then.
In this edition of the Braemar Property Value Report the focus is on Courtyard homes. Note: Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair. Five homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.
During our current reporting period of March and April, there were no Braemar Courtyard homes that sold. It happens. They are very small percentage of the overall neighborhood and no sales in a two month period is not unusual. Thankfully, with the last twelve months of sales updated,we still get a chance to evaluate the shorter term vs. longer term values and see what’s happening overall.
Starting with the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Courtyard homes are still gaining value. No surprise in the current seller’s market.
The seller subsidy category reveals more seller market trends. Seller subsidy is the amount of closing cost help that buyers were able to negotiate from their Braemar Courtyard home sellers. Seeing all but the twelve month average values at zero is what I would expect. In order to become the winning bid in a multiple offer situation, buyers are having to forego seller subsidy requests.
Days on market goes a different direction than I thought it would. The six month average and six month median marketing times are both longer than their respective twelve month values. Oddly, in the most recent Braemar Courtyard home sales, time to go under contract was a little longer.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect to pay nothing in seller subsidy. As a bonus, you are likely to get a buyer that doesn’t request inspection and may even waive appraisal. Yes, that’s how crazy the market has become.
The next Braemar Property Value Report will be out in July. Until then, when the time comes to sell your Braemar home, get in touch with me. A well prepared and professionally marketed home is always going to sell for more than its competitors. Who you hire matters. Since 2005, No One Knows Braemar Better!