Braemar Townhouse Report: March-April 2021
Today I bring you the most recent Braemar Townhouse Report. This report looks back on the months of March and April this year for the most recent sales of traditional Braemar townhouses and updates six and twelve month value points so we can see how our market has changed. Before we begin, a traditional townhouse is one attached only side by side, has three level and a back yard. Knowing the type of townhouse included in this report, let’s get right to it.
There were fifteen sales of Braemar townhouses in the last two months. Details of those sales are listed below:
First thing you may notice is a sale highlighted in pink. That’s because it was my listing. And if I may say, my seller made out very well. She sold for $31,000 above list price for the third highest sold price of this reporting period. Why not the highest? She had no deck, no fence, an original kitchen, original roof and sunken driveway. What she DID have was brand new LVP flooring on the main level, new carpet, fresh neutral paint and new HVAC. Getting her home well prepared for showings and professionally photography created the buyer enthusiasm that lifted her sold price above where it would have been otherwise. I say that because townhouses that were more updated sold for less because the marketing/photography was lacking. I am not a listing agent that “mails it in.”
The second thing that you will visually notice is zeros all the way down the column in seller subsidy. This means no townhouse sellers gave anything to buyers for closing cost help.
Finally, days on market shows single digits in all but one townhouse sale for the current reporting period. Cell phone photos never do a home justice. This one was gorgeous. And unfortunately, it sat for longer than it probably should and likely, sold for less than it should. Who you hire matters, even in a seller’s market. In this deal, a contract fell through and the property had to go back on the market, making buyers fear something was wrong with it. That’s why vetting offers is so important, as is having a ratified back up offer to go to. You better believe my listing had a ratified back up offer.
Taking these sales are combining them with the entire previous twelve months of Braemar townhouse sales, the six and twelve month value points are updated as seen below:
Starting with the sold price column, it is not a surprise to see the six month average and median sold prices higher than their respective twelve month values. This means Braemar townhouses are still going up in value.
Seller subsidy is a little surprising in that the average figures in both the six month and twelve month time frames actually has a value. Only twenty sales of the sixty-eight in the past twelve months have given seller subsidy. The most recent was in January this year.
Days on market shows the trend happening across the board in this seller’s market. Braemar townhouses are selling a matter of days.
If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract in less than a week. You could also expect to land a buyer willing to go without seller subsidy and possibly a lot of contingencies like home inspection, radon inspection, financing and even appraisal. Buyers are having to be ultra competitive to win in multiple offer situations.
The next Braemar Townhouse Report will be out in July. Until then, get in touch with me if you would like to sell your townhouse. As illustrated above, you don’t have to be the best townhouse on the market to get one of the highest sold prices. Conversely, if you don’t take hiring the right real estate agent seriously, you could have a better townhouse and make less money. Well prepared properties that are professionally marketed get the biggest bucks and I’ve been helping Braemar sellers with that for many years. Since 2005, No One Knows Braemar Better!