Braemar Condo Quarterly: April-June 2022 (2nd Quarter)
Summer is officially here. No doubt there is plenty of fun in the sun happening at the Braemar community pools. Summer in the world of this full-time Bristow real estate agent means lots of home tours and getting homes primped for market. Deals are getting made every day between buyers and sellers. Frankly,talk of a market crash is wishful thinking. Yes, homes have become even more expensive as prices are still increasing and so are mortgage interest rates. In this edition of the Braemar Condo Quarterly we look back at the second quarter of 2022, when mortgage interest rates jump up steeply, and see how it has affected the Braemar condo market.
During the second quarter there were two Braemar condos that sold. The details of those sales are listed below.
At a glance, these sales indicate a healthy market. They sold at list price or above, gave no seller subsidy (closing cost help to buyers) and were under contract in five days or less. When we take the second quarter of 2022 and combine it with all the Braemar condo sales going back to the third quarter of 2021, our six and twelve month data points are updated. This is where we find trend information.
Starting with the sold price column, we find both the six month average and six month median values are higher than their respective twelve moth values. The increases are an improvement given that last report we saw no movement in the median values and the six month average had dipped slightly below the twelve month average. Talk of a market crash can have a negative impact, but only for a short while. Supply is still not meeting buyer demand. We are still experiencing a seller’s market.
Seller subsidy was only a factor in the twelve month average value. Three sales in the last twelve months gave closing cost help. However, none in the last six months. The better news for would-be Braemar condo sellers is that more than half of the sellers in both time frames gave nothing in seller subsidy. This may not continue if buyers, struggling with affordability of rising values and rising interest rates, need some buy down help. Time will tell.
Days on market shows the health of the Braemar condo market improving. The time it took to go under contract actually decreased in both six month values compared to their respective twelve month values. We are most definitely still enjoying a seller’s market.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in less than a week, if not days. You could also expect to give nothing in closing cost help. As far as inspection contingency waivers and low appraisal guarantees, buyers are acting much more deliberately now. They are not making reactive decisions to pounce on properties. They are not giving up every contingency to win. And honestly, we are not seeing the overload of offers we saw last year. A seller might get one or two offers, but it only takes one great one to hit the spot. That’s where creating buyer enthusiasm is essential.
The next Braemar Condo Quarterly will be out in October. Until then, enjoy your summer. And if the need or want to sell your Braemar condo arises, get in touch with me to schedule your complementary consultation and find out how proper listing preparation and my professional marketing drive that buyer enthusiasm level to its peak. I am so proud to help my Braemar sellers hit the top of whatever market they are selling in. Since 2005, No One Knows Braemar Better!