Braemar Property Value Report: September-October 2022 (Arista Series)
November and the switch back to standard time sure did seem to get here sooner than my internal calendar was telling me it should. Yet another circumstance of life that is beyond our control. All we can do is adjust our surroundings and attitude. Leaving a lot more lights on at home and starting a vitamin D supplement are great plans of attack for those who feel themselves internally sinking this time of year.
Staying focused on my work as a Top Producing Braemar Real Estate Agent keeps me going at all times. Today I bring you the first in the latest series of Braemar Property Value Reports, all researched and produced by me. I am a real estate geek through and through. This report details recent sales with the Arista Series. These are the largest single family houses built by Brookfield Homes in our community and include three floor plans: Allister, Buckingham and Canterbury. By far and away, the Canterbury is the most prevalent in Braemar. Let’s dive right in.
There was only one Arista home that sold during the current report period of September and October 2022. Details of that sale are listed below.
This particular sale, given the steep rise in mortgage interest rates that happened in the third quarter, is actually filled with good news. It sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in fifteen days. Fifteen days may feel like forever compared to the three to five days we had been seeing during the buyer frenzy of the seller’s market of the past two to three years. However, having done the research for each of the Braemar Property Value Reports yet to be published, I can tell you this was a sale that occurred in a very reasonable time frame.
Combined with the Arista home sales going to back to November 2021, the six and twelve month data points presented in this report are updated as seen below.
Starting in the sold price column, the gap is narrowing between the six month value and their corresponding twelve month values compared to last report, but six month values are still higher. Our Braemar real estate market is not experiencing decreasing prices at this time, but a leveling out at worst or a more sustainable rate of growth. With mortgage interest rates more than doubling since the start of 2022, home values were not going to follow suit and gain ten percent in a matter of a month or two.
Seller subsidy is something I am seeing in the overall market, but not really represented in the Arista Series average values here. Don’t expect that to continue if mortgage rates continue to climb. Good news at this moment is that rates have come down from the sevens and are back in the sixes.
Days on market is in a good overall place for Arista homes. The six month average marketing time is actually faster than the twelve month average marketing time. And the median values are identical at eight days. Single digits is not something I expect to continue seeing in future reports, but how long it takes to sell a home involves a lot of factors. Our buyer demand is still high enough to be considered seller favored. As we continue to build inventory, this may shift to a more stable market.
If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or so. You may be able to get away with giving no seller subsidy, but you better be offering a home that builds buyer enthusiasm. That can be achieved with proper preparation and professional grade marketing. Of course, landing the right list price given the current conditions is more important now.
The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness the year end holidays have to offer. If a move is something you find on your short term horizon, don’t panic. Our market moves year round and our year end selling season is a very powerful one. It would be my pleasure to help you take advantage of it. Since 2005. No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
Typed with this gorgeous girl resting on my arm.