Braemar Property Value Report: July-August 2022 (Carriage Series)
Welcome to another edition of the Braemar Property Value Report. This particular edition focuses on the sales of Carriage homes in our neighborhood between the months of July and August. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
During the last two months of summer, there were four Braemar Carriage homes that sold. Details of those sales are listed below.
Final sold prices are all over the place, but so are the features of these homes. Half have no garage. Half are only three bedroom homes, the other half four bedroom homes. Three of them had no exit from the basement. The only thing they all have in common is that they gave no seller subsidy (closing cost help to buyers.) Taking these four sales and combining them with the Braemar Carriage home sales dating back to September 2021, the six and twelve month market markers tracked in this report are updated.
Starting with the column on everyone’s mind, let’s begin with the sold prices. Compared to last report, the six month average and median sold prices are down a bit, not much. However, compared to their respective twelve month values within this report, both the six month average and median sold prices are higher. That still means Carriage homes in Braemar are continuing to gain value compared to last year.
Seller subsidy, despite none of the four most recent sales giving none, still has average values. The six and twelve month average values are lower than they were last report. All this means is that Braemar Carriage home sellers in both time frames gave closing cost help. The more important measurement here are the six and twelve month median seller subsidy values. This means that more than half of Braemar Carriage home sellers in both time frames gave nothing. It is a safe bet a Braemar Carriage home seller would not have to relent to giving seller subsidy if their home was priced right, properly prepared and professionally marketed. Those things are what increase buyer enthusiasm.
Finally, the days on market column shows six days down the line. Even in our most recent sales above, we see that some Braemar Carriage homes are taking longer than that to sell. However, the average and median marketing times is six days.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. Buyers have become slower to act as they are pinched between rising prices and increasing mortgage interest rates. However, demand is still not meeting supply. And as stated above, if your home was hitting the mark in maxing out buyer enthusiasm, you could expect to give nothing in seller subsidy. Be aware, as values continue to rise, it will become more common to see seller subsidy requests from buyers.
The next Braemar Property Value Report will be out in November. Until then, if a move may be on the horizon for you, it is never too early to reach out and get a handle on listing preparation projects. Interviewing agents two weeks or a month before you wish to hit the market may leave you crunched for time on suggested improvements prior to listing. It is my pleasure to help my Braemar sellers reach the top of the market. You can reach out to me anytime for your complementary consultation. Since 2005, No One Knows Braemar Better!