Braemar Property Value Report: January-February 2022 (Carriage Series)

Braemar Property Value Report: January-February 2022 (Carriage Series)

On a rainy, drizzly or foggy day, the Sounds of Freedom can be heard and felt in our neighborhood. I certainly wish I had been paying closer attention to the Howitzer training schedule at Quantico. Given current world events, when awoken from my slumber to the sound of mortars, I was uneasy. Thank goodness we don’t often have that much noise from the Marine base. Weather conditions have to be just right for that much noise to make it our way.

Turns out it is just another Thursday in our Braemar neighborhood and the real estate market is still trending up. Too many buyers for too few homes creates a great time to sell. In this edition of the Braemar Property Value Report the focus is on sales of Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

In this report, which covers only the first two months of 2022 for sales, only one Braemar Carriage home sold. Details are listed below:

Those are not typos in the list and sold price. This Maplewood, the smallest of the Carriage homes in our neighborhood, sold for $51,000 over list price. That is most certainly an attention getter. It gave no seller subsidy and was under contract in five days. Bear this in mind because the six and twelve month data points compiled from the entire past twelve months of Braemar Carriage home sales is not showing super strong trends for sellers. Our market the second half of 2021 was certainly not as crazed as the first half and that is playing into the six month data. Let’s take a look.

Starting in the sold price column we see the six month average sold price is slightly above the twelve month average. Meanwhile, the six month median sold price is below the twelve month median sold price. Contradictory information can be an indicator of shifting trends, but I don’t think that is the case here. As mentioned above, the second half of 2021 was not as frenzied as the first half. The second half of the year in regard to the Braemar Carriage home market was also three bedroom model heavy. Smaller homes selling may be skewing this data as well.

Seller subsidy is any closing cost help negotiated by buyers from their Braemar sellers. The six month average seller subsidy ticked up substantially compared to the twelve month average. Both the six and twelve month median values being at zero tell us that more than half of sellers in both time frames gave no seller subsidy. And with the recent sale giving none, it is safe to assume this trend will continue as more buyers compete for fewer homes.

Days on market shows us how long it took Braemar Carriage homes to go under contract. Both six month values are slightly longer than their respective twelve month values. However, even the highest number represented by this data is single digits. That trend is continuing as we move through the early months of 2022.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it be under contract in a week or less. You could also expect to have enough buyers competing for your listing that seller subsidy should be a non-factor. Buyers are back to waiving contingencies like home inspection and when possible, appraisal. Did I mention it is a great time to sell?

The next Braemar Property Value Report will be out in May. Until then, if you would like to see what a 2022 sales would mean for you, I am happy to have that conversation. Get in touch for a no obligation market analysis. Even in a seller’s market, my commitment to professional marketing creates undeniable buyer enthusiasm that leads to record setting prices. Who you hire to sell your home matters. After all, you only get one chance to liquidate your largest asset. Since 2005, No One Knows Braemar Bettter!

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

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