Braemar Property Value Report: November-December 2022 (Arista Series)
It is a sunny, but windy and cold Sunday in Braemar today. I am quite happy to be sitting at my desk and typing up this latest Braemar Property Value Report. In this edition the focus is on sales of the Arista homes in our neighborhood during the months of November and December. Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is by far the most commonly seen in Braemar.
During the last two months of 2022, there was only one Braemar Arista home that sold. Detials of that sale are posted below.
It is great to see that this Canterbury, with a finished basement, five bedrooms and five and a half bathrooms sold at list price. This was a rare occurrence in our neighborhood of a home having a pool as well. Just as good to see as a full list price sale is the fact that the sellers gave no seller subsidy (closing cost help to the buyer.) And it was under contract quickly in six days.
Taking that sale and combining it with all the Arista home sales in Braemar dating back to January 2022, the year’s worth of sales is broken out into the six and twelve month data points tracked in this report.
It is good to see that sold prices are still going up. It may not be by leaps and bound, but upward growth is upward growth. This is discerned by seeing both the six month sold prices above their corresponding twelve month sold price. This is indicative of still being in a seller’s market.
Seller subsidy is absent in all values except the twelve month average value. This tells us two things. Braemar Arista home sellers in the last six months have given no closing cost help. And in the last twelve months, more than half of Braemar Arista home sellers gave none. Pretty amazing to see despite the increase we have seen in mortgage interest rates. Another sign of a continued seller’s market where demand is higher than supply. Frenzied buyer behavior is the only thing has changed to be more deliberate. The days of multiple offers going ten percent or more over list price are gone.
Days on market are creeping up a bit, as evidenced by both six month values being longer than their respective twelve month values. Nothing here to panic about, just note the change in buyer behavior again. Buyers are acting much more deliberately than they did in 2020 and 2021.
If you placed your Braemar Arista home on the market, priced to current conditions, you could expect that it would be under contract in two weeks or less. Just based on the buyer demand I see happening now in January, you may be under contract in a week. You may also get away with not giving closing cost help, but your property had better be properly prepared for market and professionally marketed to lift buyer enthusiasm. The goal is to get a buyer so excited to act that they don’t delay and don’t over-ask in their offer for fear of losing your home.
If you have considered buying an investment property in our neighborhood, or have a friend or family member looking for a townhouse in Braemar, please stop by he open house at my new listing at 10158 Pale Rose Loop today, Janaury 15th (2023) from 1pm-3pm.
The next Braemar Property Value Reports will be out in March. Until then, it does seem that the beginning of this year will be strong for sellers. If you want to investigate what a sale would mean for you, please reach out for your complementary consultation. With over eighteen years experience in our market, it is my pleasure to put my skills to work in getting you the top of the market. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com
Selling Braemar 