Braemar Property Value Report: July-August 2021 (Arista Series)
As I type this, Tropical Storm Ida is making this day in Bristow perfectly miserable. Bands of wind and rain have been broken by the ocassional glimpse of sunshine. Days like this always remind me why I gave up on umbrellas and now opt for hooded rain jackets. There is never a substitute for the best preparation for anything in life, real estate included.
Today I bring you the first in the July-August 2021 Braemar Property Value Reports. This one focuses on sales of Arista Series homes in our neighborhood. Arista homes are the largest single familiy homes built by Brookfield Homes in Braemar and include the Allister, Buckingham and Canterbury models. Let’s get right to it and see what happened during the last two months of summer.
During July and August there were three Arista homes that sold in Braemar. They were all Canterbury models with three to four fully finished levels. The details of each of those sales is detailed below:
Quite a difference in sold prices to see a six bedroom, five and a half bathroom Canterbury sell for $729,000 while two others with one and two fewer bedrooms, and one fewer full bathrooms, sold for $790,000 and $791,000. What’s the difference? The $729,000 sale was a little more basic inside in terms of finishes (Corian counter tops, for instance in the kitchen,) but the glaringly obvious fact to an agent like myself on that lower sale was the lot. That home backed to the middle school and the water tower. Location matters tremendously in real estate.
By comparision, the $790,000 and $791,000 sales backed to trees. One was very well kept with a finished loft in addition to the basement. That was the $790,000. The $791,000 backed to the same tree line, lacked a finished basement, but had an in ground pool. Pools are great, but should not be counted upon in the Bristow market to bring you more in your sale. In this case, it seems the pool was equivalent in markekt value to a finished loft that added an additional bedroom, bathroom and open space.
Taking all three of these sales and combining them with the entire past twelve months of Arista home sales in Braemar, the six and twelve month data points provide us information that suggest the market may be slowing down.
To start with, the sold price column doesn’t show tremendous increases in sold prices from the six month average and median compared to the twelve month average and median. The highest increase was comparing the averages and only accounted for abourt 1% average increase in six months. The median sold prices are much more telling, as they show an increase of only $500 in six months. Our last report showed much larger increases.
Seller subsidy, also known as closing cost help to buyers, was zero down the line. This is something we have been seeing as buyers compete for fewer homes. Asking for closing cost help in an offer is a one way ticket to not getting your offer accepted in multiple offer situations these days.
Days on market reveals more data that inidcates a slowing pace to the frenzied seller’s market. Both the six month average and six month median marketing times were longer than their respective twelve month values. Nine days is still not a long time to market a home by any means, but it is an indcator that the market is changing to see marketing time getting longer.
If you placed your Arista home on the market, priced to current conditions, you could expect it to be under contract in more than a week and less than two weeks. You could also expect to not have to give any seller subsidy.
The market slow down in this report from July and August is likely an impact of summer vacations. So many families missed out on them in 2020 and were adamant about taking them this year. Buyers took time away from the market for summer and sellers who thought that summer vacation while the kids are out of school is the best time to list, provided a lot more inventory, giving the fewer buyers more choices. Obviously, it is still a seller favored market. Only time will tell if the buyer frenzy that drove prices up steeply this year returns in the fall.
The next Braemar Property Value Report will be out in November. We’ll have a good idea by then if the buyer frenzy has returned. Until then, if you want an in depth market analysis of what a sale could mean for you, get in touch with me. Listing preparation and professional marketing are the keys to not leaving money on the table, no matter the market. And my added expertise on our neighborhood add even more the professional marketing of your home. Since 2005, No One Knows Braemar Better!