Braemar Property Value Report: March-April 2023 (Arista Series)
The spring weather has finally decided to stay, but if I know the Bristow and the larger Northern Virginia area well (and I should, I am a NoVa native) we will be complaining about hot summer days in a matter of weeks, if not days. The mild temperatures of the fall and spring are fleeting, enjoyable for a relatively short time before we begin experiencing the extreme temperatures of the season.
On this gorgeous spring day I bring you the latest Braemar Property Value Report for homes in the Arista Series. These are the largest homes built by Brookfield Homes in our Braemar community and include the following three floor plans: Allister, Buckingham and Canterbury. This particular edition focuses on the sales activity from the months of March and April. Unfortunately, during those past two month, there were no Arista home sales to report. Not because they were on the market and lingering without buyer activity. On the contrary, our Braemar market is experiencing an extreme lack of inventory.
Despite there being no Arista home sales to report from March and April, the six and twelve month data points tracked in this report are still updated as March and April 2022 are dropped from the continuous monitoring of home sale data. The updated six and twelve month data points cover from May 2022 to April 2023 and can be seen below.
For starters, let’s talk a look at the sold price column. Both the six month average and six month median sold prices are still above their respective twelve month sold prices, but not by much. In the absence of recent sales for March and April, this could lead one to believe our market is shifting and prices are softening. Based on what I am personally seeing in the marketplace, the severe lack of inventory is not having a negative impact on values. Rather, homes are selling quickly right now and, at least for the homes I’ve had the pleasure to help buyers purchase or those that I have listed for sellers, the market all over Northern Virginia is hot, hot, hot where sellers are concerned. I would not lose a moment’s rest over the tightening gap between these sets of sold prices.
Seller subsidy (closing cost help to buyers) is now present in three of the four data points, where it had only been present in two last report. The six month average has gone up since then and now we have a six month median value. The only true statements I can make that are uplifting is that only three of the eight sellers making up the twelve months worth of Arista home sales gave any seller subsidy. Therefore the reason there is a zero in the twelve month median seller subsidy is that more than half of the Arista home sellers in the last year gave none. Seller subsidy may or may not be a factor for an Arista home seller in the near future. It depends on many factors, not the least of which is how much buyer enthusiam there is about a listing.
Days on market shot up in both six month values due to a single sale in the last report that took 108 days to go under contract. With only two sales having happened in the last six months, and one of them having that abnormally long marketing time, the six month values may be skewed even next report. Near the end of summer that sale will fall to the twelve month values. For now, most sales are still hapenning quite quickly.
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 or three weeks. You may get seller subsidy requests from buyers, but if your home is properly priced, well prepared and professionally marketed, it is reasonable to assume you could negotiate the number down or have multiple offers to choose from, some which may not have that seller subsidy request.
The next Braemar Property Value Report will be out in July. Until then, if you are curious as to what your Braemar home is worth in the current market, please reach out for a complementary consultation. It is my pleasure to discuss our real estate market with you and help you find your place in it. One of the things that gives me the most pride is making sure my Braemar sellers hit the top of whatever market conditions in which they are selling. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate