Braemar Property Value Report: May-June 2021 (Courtyard Series)

Braemar Property Value Report: May-June 2021 (Courtyard Series)

Time for another Braemar Property Value Report. Today’s edition focuses on the latest happenings in the Courtyard homes in our neighborhood. 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 the current reporting period of May and June 2021, there were five Courtyard homes that sold. The details of those five sales are listed below:

With sold prices ranging from $521,900 to $560,000, I would say that Braemar Courtyard homes are doing quite well. However, to get the best look at what’s been happening, these figures combined with the entire previous twelve months of Braeamr Courtyard home sales allow me to update the six and twelve month data points. They definitely show the effects of the strong seller’s market we have been experiencing.

Looking at the sold price column, we see the six month average sold price has seen a healthy increase over the twelve month average sold price. More impressive is the substantial increase in value in the six month median sold price over the twelve month median sold price. Braemar Courtyard homes have been gaining value quickly with the frenzied buyer demand and lack of inventory.

Seller subsidy is where we learn how much closing cost help Braemar Courtyard home buyers were able to negotiate from their sellers. All the values, except for the twelve month average are at zero. In fact, the twelve month average only has a value in it because, of the twelve Braemar Courtyard homes that have sold in the past twelve months, one in August 2020 gave about two percent of the sales price in closing cost help. The overwhelming majority of Braemar Courtyard home sellers had to give nothing in seller subsidy to strike a deal with their buyers.

inge days on market shows an interested trend updward in the six month average compared to the twelve month average. That can be explained by two Braemar Courtyard home sales that took double digits to get under contract in the past twelve months, one pictured above in fact. The six and twelve month median days on market are the same at four days. That means that half of all Braemar Courtyard home sales in both time frames happened in four days or less.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract in less than one week. You could also expect to give nothing in closing cost help.

The next Braemar Property Value Report will be out in September. Until then, when it is time to sell your Courtyard home, remember that no matter the market conditions, the only way you make the absolute most the market will bear for a home of your size and style is by creating buyer enthusiasm. That happens when a home is properly prepared and professionally marketed. Get in touch with me and ensure you get both of those working 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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