Braemar Townhouse Report: January-February 2022
Welcome to another edition of the Braemar Townhouse Report which focuses on traditional townhouse sales in our neighborhood. What’s a traditional townhouse? One with three levels, attached only on the side(s) and with a backyard. This particular edition details sales from the first two months of the year.
During January and February there were two townhouses in Braemar that sold. Details are listed below:
What stands out about these sales immediately is that they both sold above list price, gave nothing in closing cost help and sold in four days or less. When combined with the Braemar townhouse sales going back to March 2021, the twelve months of data collected provides updated six and twelve month data points that are tracked for market trends. Here’s what get this report:
Let’s start by looking at the sold price column. For the first time since early 2019, both the six month average and six month median sold prices are below their respective twelve month values. This is an indication that the market may be changing. Early indicators in the market this year through my own experience tell me that is not the case. While the second half of 2021 was definitely a less hectic pace for buyers, it was still a seller’s market. However, the slight cooling of demand had an impact. As we move further into 2022, I suspect the upward growth will return in future reports.
In the seller subsidy column we see the only values that are above zero are in the six and twelve month averages. That is because out of the sixty-six sales of Braemar townhouses in the past year, only five give closing cost help. Better statistics are the median seller subsidies at zero. This means more than half of Braemar townhouse sellers in both time frames gave nothing in closing cost help.
Days on market ticked up in both six month values compared to their twelve month counterparts. The increases are low and based on the most current sales, we are likely to see a reversal of this upward turn in future reports.
If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect to give nothing in closing cost help. As more and more buyers compete for the very limited inventory on the market, offers are extremely seller favored.
The next Braemar Townhouse Report will be out in May. Until then, if you want to talk about what a 2022 sale could mean for you, please don’t hesitate to reach out. It is my pleasure to walk you through why a seller’s market alone does not bear out the top of the market prices. Sellers need proper preparation advice, professional marketing and skilled negotiation on their side. When you hire me that is what you get, topped off with neighborhood expertise. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate