Braemar Condo Quarterly: July-September 2021 (3rd Quarter)

Braemar Condo Quarterly: July-September 2021 (3rd Quarter)

Seems I was just typing up the Braemar Condo Quarterly for the second quarter of this year. My goodness does time fly. It is most certainly time for another look at the Braemar Condo market in this edition of the Braemar Condo Quarterly, which looks back at sales from the third quarter. Braemar condos may look like traditional townhouses, but they are registered with the State Corporation Commission as a condominium. These condos are located on Caithness, Lord Lovat, Heykens and Moxleys Ford.

There were three Braemar Condos that sold between the beginning of July and end of September. Those sales are detailed below:

Unlike like our last report that had sales ranging from $340,000 to $380,000, there is less deviation in sold price among these three sales. Also, unlike last report where seller subsidy (closing cost assistance from seller to buyer) was not present at all, each sale in the third quarter gave some amount of seller subsidy. Let’s dig deeper to see how our market is evolving. That is done by looking at the six and twelve month data points for sold price, seller subsidy and days on market.

Starting with sold price, it seems the growth rate for Braemar Condos has slowed. While both the six month average and six month median are higher than their respective twelve month values, the difference is not as dramatic as it was in the second quarter. Average growth in six months in the second quarter measured 11% and is now at 3%. Median six month growth in the second quarter measured 18% and is now 2/10th of 1%. Bear in mind, the third quarter had a big influx of inventory from sellers that were thinking summer vacation from school was a great time to list. Little did they realize that summer vacation itself was more important to many buyers who stepped out of what had been a frenzied market to relax this summer. July and August are usually the most challenging months to sell every year for the same reason. Last year’s pandemic just made vacations irrelevant so we didn’t experience the summer lag.

Looking at seller subsidy we see an increase in the six month average over the twelve month value. Both median values are the same at zero. However, if the third quarter trends continue into the fourth quarter, the six month median will no longer be zero. Only time is going to tell where we land there. In my personal experience helping a Braemar Condo seller, I am not seeing requests for seller subsidy in the fourth quarter so far, but that’s just one sale.

When it comes to days on market, or marketing time as I like to refer to it, the six month average days on market is only two days shorter than the twelve month average. The sale that is making that six month average higher is the one represented above in the third quarter sales that took twenty-nine days. Meanwhile, the six and twelve month median are identical at six days.

If you placed your Braemar condo on the market, priced to current conditions, you could expect to be under contract in about a week or so. You could also expect that seller subsidy may be requested in some part by your buyer. Finally, you should be aware that the Barr Hill at Inverness Village Condo has lost its HUD certification. It expired and according to management, there is no intention of renewing it at this time. It was preparing a Braemar Condo owner for sale when this information came to light. This means that buyers with FHA loans will not qualify to purchase a Braemar condo.

The next Braemar Condo Quarterly will be out in January. Until then, when the need or desire to sell your Braemar Condo arises, understand that the agent you hire to list your condo matters to your bottom line. Hiring an agent that knows how to create buyer enthusiasm to elevate your price, knows the neighborhood and the ins and outs of the condo association will set the stage for the most profitable sale. Get in touch with me and find out what a neighborhood expert with professional marketing skills, can do 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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