Braemar Property Value Report: January-February 2022 (Courtyard Series)
As we head into the weekend, I thought I would take the opportunity to drop another Braemar Property Value Report online for my fellow Braemarians. This particular report focuses on the Courtyard homes built by Brookfield Homes. Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached 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 first two months of 2022 there was only one Braemar Courtyard home that sold. Details of that sale are listed below:
Going under contract in only three days and selling $45,000 above its list price, it is clear that the New Year started out with a buyer frenzy. If there had been more Courtyard homes on the market, the buyers in the marketplace would have gobbled them up. So far, the first quarter of 2022 has revealed what we saw in early 2021–way too many buyers for too few homes.
Taking the sale above and combining it with the entire past twelve months of Braemar Courtyard home sales, the six and twelve month data points are updated. Those actually show conflicting information that would be indicative of a shift in the seller favored market IF I didn’t have firsthand knowledge of what is happening in the market now.
Looking first at the sold price column, the six month average sold price being higher than the twelve month average sold price is the upward growth we see in a seller’s market. The six month median sold price falling below the twelve month median would be an early harbinger of a shifting market. But again, the most recent sale tells us otherwise.
Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their Braemar Courtyard home sellers. With zeros down the line, the answer is crystal clear. None!
Marketing time definitely shows a trend in the opposite direction we would expect. Both six month values are longer than their respective twelve month values. With only one sale from the first two months of 2022, I think the last four months of 2021 are skewing the data. I expect this will be less dramatic as those months fall off of the short term reporting.
If you placed your Braemar Courtyard home on the market, priced to current conditions, I do believe it would be under contract in less than one week, two at worst. And given that no Braemar Courtyard home seller has given closing cost assitance in twelve months worth of sales, I think it is safe to assume that trend will continue as the many buyers in the market fight over not enough homes to meet the demand.
The next Braemar Property Value Report will be out in May. Until then, if you want to talk over a possible sale in 2022, there is no time like the present to book a no obligation, confidential consultation with me. Even in a seller’s market, a super high sales price and great terms that favor you are not a guarantee. The seller’s market is what breeds lazy agents. You will never find that here. For goodness sake, I choose to hand produce these market reports. My listings get listing preparation advice, professional marketing and expert level negotations no matter the market. No corners are cut and that is what makes my sellers every dollar the market will bear. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate