Braemar Condo Quarterly: October-December 2022 (4th Quarter)
Happy New Year, my fellow Braemarians! Here’s hoping that 2023 has gotten off to a fantastic start for all of you. Today, I bring you the latest Braemar Condo Quarterly, focused on the last quarter’s activity in 2022.
Every time I publish one of these condo reports, there is inevitably a reader that is stunned to know that there are condos in Braemar. The connotation of a condo for many is that of a flat, or apartment, you own in a larger building. In reality, condo is really a form of ownership, not the type of structure. The condos in Braemar are townhouse structures…some with garages and others without. However, they were incorporated at the state level as condominium ownership. These townhouse style condos are legally known as the Barrhill at Inverness Village Condo.
During the last three months of 2022, there were only two Braemar condos that sold. Details are listed below.
A quick glance at these sales and I notice that both were interior units, both had garages and both sold in single digit days. While they were both listed at the same price, one did sell for five thousand dollars more. However, when you notice that the higher sale gave five thousand in closing cost help (seller subsidy) to the buyer, it turns out they both sold for the same net sold price.
Taking these fourth quarter sales and combining them with the entire year’s worth of Braemar condo sales in the neighborhood, the six and twelve month data points tracked in this report are updated and still narrowly reflect upward growth.
Starting in the sold price column, both six month sold prices are just slightly above their respective twelve month value. The leaps and bounds of value growth is no more. Supply and demand still indicate we are in a seller’s market, but the frenzy is over. Right now, our market is beginning to stablize where values are concerned.
Seller subsidy is becoming more commonplace again in contract negotiations. The six month average value being higher than the twelve month average tells us that. However, better news is that both median values remain at zero. That means that more than half of Braemar condo sellers in both time frames have given no closing cost help.
Days on market has changed very little and is one of the more prominent places where we can still see the seller market conditions on full display. When a Braemar condo hits the market, it doesn’t last long.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could expect to get closing cost help requests from buyers as mortgage interest rates are still lingering around six and seven percent. In some circumstances, a Braemar seller may still receive multiple offers, but those days are no longer the norm.
The next Braemar Condo Quarterly will be out in April. Between now and then, if you have been thinking of moving up from your Braemar condo, don’t hesitate to reach out for your complementary consultation. Helping Braemar sellers increase buyer enthusiasm through proper pricing, listing preparation and professional marketing is what gets my sellers top of whatever market conditions happen to be. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
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