Braemar Property Value Report: November-December 2021 (Courtyard Series)

Braemar Property Value Report: November-December 2021 (Courtyard Series)

January is always filled with anticipation, particularly for those with plans to buy or sell in the New Year. Even in the midst of the 2021 holiday season, many asked what I thought the local real estate market had in store for 2022. In a recent online article, I did make some real estate market predictions for 2022. Obviously, the more local the information, the better. And since looking back, helps us see where we are headed, I make it my priority to keep my fellow Braemarians informed of our neighborhood real estate market through my Braemar Property Value Reports.

Today’s Braemar Property Value Report is focused on how Courytard homes fared last year. Braemar Courtyard homes are 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.

There were two Braemar Courtyard homes that sold in November and December. The details of those sales are listed below:

There are two indicators in the recent sales that our Braemar Courtyard sellers may be seeing a cooling of the seller’s market. The first is the fact that neither home sold above list price. This is something we saw more of as we moved through the second half of 2021. Sellers maintained the market advantage, but the all out buyer frenzy has calmed down. The second indicator of change is the increased marketing times for these sales. You might dismiss those time frames are being long because of the holiday season. I am here to tell you that Braemar homes of all sizes sell in November and December. In fact, I listed and sold a Braemar townhouse in those two months.

When the sales listed above are combined with all of the Braemar Courtyard home sales from 2021, the six and twelve month data points outlined in every Braemar Property Value Report are updated.

Starting with the sold price column, the good news is that both the six month average and median values are above their respective twelve month values. Braemar Courtyard homes are continuing to gain value. The growth rate is likely to slow down in 2022, but I don’t think we will be looking at losses anytime in the near future.

Seller subsidy is where we find out how much closing cost assistance buyers were able to negotiate from their Braemar Courtyard home sellers. Despite even higher days on market in recent sales, the answer is zero and remains zero in all the six and twelve month data points.

Overall, the longer marketing times seen in November and December have not yet impacted the six and twelve month numbers. They are largely the same. The real question will be how we get off the starting blocks in 2022. If Braemar Courtyard homes continue to take longer to sell, we will see overall increases in the six month average and median time frames.

If you placed your Braemar Courtyard home on the market, priced to current conditions, this report’s average and median values indicate that you would be under contract in two weeks or less. The most recent sales in November and December make me wonder if that time frame might be longer. As for seller subsidy, you could expect to pay out nothing. Finally, you should be prepared to see buyers with home inspection contingencies again. This started to go back to normal in the second half of 2021 when our buyer frenzy calmed.

The next Braemar Property Value Report will be out in March. Until then, if a move is in your future, don’t wait to get the conversation started. My unparalleled neighborhood knowledge and professional marketing create buyer enthusiasm for all my Braemar listings, making my Braemar sellers thrilled. Getting you absolute max profit from your largest invesment is a job I take very seriously. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate

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