Braemar Property Value Report: July-August 2021 (Courtyard Series)

Braemar Property Value Report: July-August 2021 (Courtyard Series)

This weekend marks the unofficial end of summer, which makes it a great time to share with you another Braemar Property Value Report (BPVR.) This particular report focuses on Courtyard homes in the neighborhood. Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

This particular edition of the Courtyard Series BPVR will cover the last two months of summer, July and August. During that time there were four Courtyard homes that sold. That is a lot of Courtyard home sales for a two month period, as long-time BPVR followers know. Courtyard homes make up such a small percentage of homes in Braemar that is not unusual to have periods of one sale or none at all. The details of the Braemar Courtyard home sales from July and August are listed below:

Taking these sales with the entire past twelve months of Courtyard home sales in Braemar, the six and twelve month average and median data points we use to determine what is happening in the market are updated as follows:

Starting in the sold price column, we see higher values in the six month average and median than compared to their respective twelve month values. This means Braemar Courtyard homes are still increasing in value. While the rate of increase in average and median value last report was 3% and 5% respectively, it has slowed to 2.5% in average and median this report. Hey, an increase is an increase. And we all knew the ridiculous growth of the frenzied seller’s market was not/is not sustainable. Buyers taking time off of house hunting to vacation and more sellers coming to market simply made a less hectic seller’s market this summer. It is typical for our market to slow a bit from whatever pace it was keeping in spring when we hit summer.

Seller subsidy is where we find out how much closing cost help Braemar Courtyard home buyers were able to negotiate from their sellers. The answer across the board, or more acurately down the column, is zero. As buyers compete for fewer homes in a seller’s market, seller subsidy becomes a non-starter if a buyer wants to get under contract.

Marketing time shows exactly the same thing in the twelve month values as it does in the six month values. Braemar Courtyard homes continue to sell fast. The only recent Courtyard home breaking that norm is the one listed above on Playfair. It went under contract much later in the summer when things were slowing down.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract in about a week. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in November, where I suspect you will see proof of the strength of our fall market. If you want to find out more about what a year end sale during a seller’s market could mean for you, get in touch with me. 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

Braemar Property Value Report: May-June 2021 (Courtyard Series)

Braemar Property Value Report: May-June 2021 (Courtyard Series)

Time for another Braemar Property Value Report. Today’s edition focuses on the latest happenings in the Courtyard homes in our neighborhood. Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

During the current reporting period of May and June 2021, there were five Courtyard homes that sold. The details of those five sales are listed below:

With sold prices ranging from $521,900 to $560,000, I would say that Braemar Courtyard homes are doing quite well. However, to get the best look at what’s been happening, these figures combined with the entire previous twelve months of Braeamr Courtyard home sales allow me to update the six and twelve month data points. They definitely show the effects of the strong seller’s market we have been experiencing.

Looking at the sold price column, we see the six month average sold price has seen a healthy increase over the twelve month average sold price. More impressive is the substantial increase in value in the six month median sold price over the twelve month median sold price. Braemar Courtyard homes have been gaining value quickly with the frenzied buyer demand and lack of inventory.

Seller subsidy is where we learn how much closing cost help Braemar Courtyard home buyers were able to negotiate from their sellers. All the values, except for the twelve month average are at zero. In fact, the twelve month average only has a value in it because, of the twelve Braemar Courtyard homes that have sold in the past twelve months, one in August 2020 gave about two percent of the sales price in closing cost help. The overwhelming majority of Braemar Courtyard home sellers had to give nothing in seller subsidy to strike a deal with their buyers.

inge days on market shows an interested trend updward in the six month average compared to the twelve month average. That can be explained by two Braemar Courtyard home sales that took double digits to get under contract in the past twelve months, one pictured above in fact. The six and twelve month median days on market are the same at four days. That means that half of all Braemar Courtyard home sales in both time frames happened in four days or less.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract in less than one week. You could also expect to give nothing in closing cost help.

The next Braemar Property Value Report will be out in September. Until then, when it is time to sell your Courtyard home, remember that no matter the market conditions, the only way you make the absolute most the market will bear for a home of your size and style is by creating buyer enthusiasm. That happens when a home is properly prepared and professionally marketed. Get in touch with me and ensure you get both of those working for you. 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

Braemar Property Value Report: March-April 2021 (Courtyard Series)

Braemar Property Value Report: March-April 2021 (Courtyard Series)

What a crazy week! Gas lines with a potential gasoline shortage is a reminder of how quickly things can change. Our Braemar real estate market changed, as did the entire Northern Virginia market, during the pandemic last year and has only ratcheted up to the benefit of sellers since then.

In this edition of the Braemar Property Value Report the focus is on Courtyard homes. Note: Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

During our current reporting period of March and April, there were no Braemar Courtyard homes that sold. It happens. They are very small percentage of the overall neighborhood and no sales in a two month period is not unusual. Thankfully, with the last twelve months of sales updated,we still get a chance to evaluate the shorter term vs. longer term values and see what’s happening overall.

Starting with the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Courtyard homes are still gaining value. No surprise in the current seller’s market.

The seller subsidy category reveals more seller market trends. Seller subsidy is the amount of closing cost help that buyers were able to negotiate from their Braemar Courtyard home sellers. Seeing all but the twelve month average values at zero is what I would expect. In order to become the winning bid in a multiple offer situation, buyers are having to forego seller subsidy requests.

Days on market goes a different direction than I thought it would. The six month average and six month median marketing times are both longer than their respective twelve month values. Oddly, in the most recent Braemar Courtyard home sales, time to go under contract was a little longer.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect to pay nothing in seller subsidy. As a bonus, you are likely to get a buyer that doesn’t request inspection and may even waive appraisal. Yes, that’s how crazy the market has become.

The next Braemar Property Value Report will be out in July. Until then, when the time comes to sell your Braemar home, get in touch with me. A well prepared and professionally marketed home is always going to sell for more than its competitors. Who you hire matters. 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

Braemar Property Value Report: January-February 2021 (Courtyard Series)

Braemar Property Value Report: January-February 2021 (Courtyard Series)

It is an eerily quiet, cloudy and still Friday midday in Braemar right now. While our weather may be calm, our real estate is the exact opposite. As we go through this latest edition of the Braemar Property Value Report, focused on the Courtyard Series, you will be able to see what high buyer demand and low inventory has meant to home values. (Note: Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.)

In our current reporting period of January and February 2021, there were two Braemar Courtyard homes that sold. The details of those sales are listed below.

For the first time in a very long time, we have a Braemar Courtyard home with a sold price beginning with a five. We have some time before we will hit the all time record of $560,000 for a four bedroom Arlington model set at the beginning of 2006, but if demand keeps up the way it has been lately, it wouldn’t surprise me if we get close to it by the end of the year.

Taking those two sales and combining them with the entire past twelve months of Courtyard home sales, our six and twelve month data points are updated as seen below.

Beginning with the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values. This shows the continued upward push of Braemar Courtyard home values. It’s not as steep a climb as I have been noticing in other types of homes, but it is movement in a great direction if you have been thinking a home sale may be in your near future.

Seller subsidy denotes how much closing cost help sellers agreed to give buyers as part of their contract. The six month average and six month median are showing zero. The twelve month median being zero means that more than the half the Braemar Courtyard home sellers during that time frame gave no seller subsidy. The twelve month average being slightly over two-thousand dollars is a lot lower average for that time period than we have seen in reports past.

Days on market shows single digits down the line. The six month average marketing time actually increased by one day compared to the twelve month average. However, the six month and twelve month median values are identical at five days. Braemar Courtyard homes are selling quickly.

If you put your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to be engaged by buyers willing to let go of seller subsidy requests just to get under contract. This competitive market has made closing cost help a luxury few get.

The next Braemar Property Value Report will be out in May. Until then, if you have been thinking of selling your Courtyard home, I would love to show you how I am able to elevate buyer enthusiasm for your home to get you even more money than you thought the market would allow. Get in touch with me for a free, no obligation consultation. 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

Braemar Property Value Report: November-December 2020 (Courtyard Series)

Braemar Property Value Report: November-December 2020 (Courtyard Series)

Before leisure time begins for this Braemar Real Estate Agent today, I thought I would bring you another Braemar Property Value Report. This particular report focuses on the last two months sales of Braemar Courtyard homes. Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

During the months of November and December, there was only one Braemar Courtyard home that sold. Details of that sale are listed below:

It is often the case that there is only one sale, or no Braemar Courtyard home sale at all when this report is compiled every two months. That is why the current reporting period sale(s) are combined with the entire last twelve months of Courtyard home sales and six and twelve month data points extracted. Gives us a steadier look at trends. Doing that this report, here’s what we have:

The six month average sold price dropped slightly compared to its respective twelve month sold price. However, both the six month median and twelve month median remain the same at $495,000. Seems Braemar Courtyard homes are holding steady in value. Then again, a glance at the most recent sale indicates the values are likely going to be seen to be lifting in future reports.

When it comes to seller subsidy, we get to see how much closing cost help buyers negotiated with their Braemar Courtyard home sellers. The six month average is less than the twelve month average, meaning buyers were able to negotiate less in the more recent sales. What the six and twelve month median values tell us, both being at zero, is that more than half of Braemar Courtyard home sellers gave no closing cost help at all. That is something we are seeing a lot as buyers are having to forego closing cost help requests in multiple offer situations just to be competitive.

Days on market, down the entire column, shows single digit days. The six month average was two days faster than the twelve month average. The six month median was one day faster than the twelve month median. Braemar Courtyard homes are getting immediate attention from buyers struggling in this market with so little inventory to choose from.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to give absolutely no seller subsidy.

The next Braemar Property Value Report will be out in March and show what the first two months of 2021 have meant to our Braemar home values. Until then, when the time comes for you to sell, I would love the opportunity to show you how my neighborhood expertise and professional marketing can put even more money in your pocket. You only get one shot at netting the most money. Who you hire matters. 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

Braemar Property Value Report: September-October 2020 (Courtyard Series)

Braemar Property Value Report: September-October 2020 (Courtyard Series)

Seems I am usually scrambling near the end of the odd numbered months to get these Braemar Property Value Reports together. This month, I am definitely ahead of schedule. And what a great month to be getting an early start. It will leave time for Thanksgiving planning and holiday decorating.

Today’s Braemar Property Value Report focuses on the Courtyard homes in our neighborhood. Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

During our current reporting period of September and October, only Braemar Courtyard home sold. The details of that sale are listed below:

Being a much smaller percentage of home styles in Braemar, it is not unusual to see sparse sales of Courtyard homes in any given time period. However, combining the current reporting period with the prior ten months of Braemar Courtyard home sales, we get an entire year’s worth of information that we can break into six and twelve month data points. This is what lets us know what’s been happening in the market.

Starting with the sold price column, we see healthy increases in the six month average and median values compared to their respective twelve month values. This means Braemar Courtyard homes have been gaining value in the most recent sales.

Seller subsidy is where we learn how much closing cost help sellers gave to buyers in their transactions. The six month average seller subsidy is down a good chunk of change compared to the twelve month average. Meanwhile, both median values are at zero. The latter means that in both sample sizes, more than half of the sellers didn’t give any closing cost help at all. Buyers are having to make extremely competitive offers to get under contract.

Days on market is the final column and where we learn how long it took for Braemar Courtyard homes to go under contract. The six month average was two days quicker than the already fast six days seen in the twelve month average marketing time. Both median values are in agreement at four days. Braemar Courtyard homes, like just about every home style, are getting gobbled up fast in this low inventory/high demand market.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to give nothing in closing help.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness the holiday season has to offer. If you find yourself with the need to sell between now and then, don’t hesitate to reach out and find out the benefits of our year end market vs. waiting for spring. 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

Braemar Property Value Report: July-August 2020 (Courtyard Series)

Braemar Property Value Report: July-August 2020 (Courtyard Series)

As September is drawing to a close, as with every other odd numbered month, I find myself pressed to get out the latest Braemar Property Value Reports.  Whether you realize it or not, these are report compiled by me.  I don’t get a computer to dump values into a spread sheet.  Nope, I pull the sales, collect the data and prepare this reports for you.  That’s one of the reasons I am a Top Braemar Agent.

Today’s report is for Courtyard homes and looks back on the sales activity for July and August.  If you aren’t sure what a Braemar Courtyard home is, they are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

There were three Braemar Courytard homes that sold during our current report period.  Final sold prices ranged from $450,000 to $495,000.  The details of those sales are listed below:

Taking these three sales and combining them with the entire previous twelve months of Braemar Courtyard home sales our six and twelve month data points are updated as seen below:

Starting with the sold price column we see that there is a healthy increase in the six month average and six month median values compared to their respective twelve month values.  This means Braemar Courtyard homes are increasing in value.

The seller subsidy column is where we get to see how much closing cost help Braemar Courtyard home owners have been giving in their transactions.  Obviously, in the three sales listed above, only one home owner gave closing cost help.  Looking at the six month average seller subsidy, it is slightly lower than the twelve month average seller subsidy.  That could indicate that buyers are asking for less.  However, the troubling stat is seeing that the six month median seller subsidy is $3,750 vs. zero in the twelve month median.  That means more than half of Braemar Courtyard home sellers have given something in closing cost help in the more recent sales.

When it comes to days on market, it is not a surprise to see the six month average marketing time has decreased compared to the twelve month average.  Meanwhile the six month median is still at four days, just like the twelve month median.  This means that Braemar Courtyard homes are selling super fast.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in less than a week.  You could also expect to pay about 1% of the sales price, or slightly less, in seller subsidy.

The next Braemar Property Value Report will be out in November.  Until then, if you want to take advantage of our peaking market and these high sales prices, give me a call.  Even in a seller’s market, professional marketing with an experienced agent is going to find you netting the absolute max the market will bear.  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

 

 

Braemar Property Value Report: May-June (Courtyard Series)

Braemar Property Value Report: May-June (Courtyard Series)

Seems the only respite we get from the hot and humid weather  lately are thunderstorms.  Yesterday afternoon’s storm was certainly intense.  Seemed it was instant nighttime as I drove to Gainesville to show property.  The wind was so strong it was pushing my car into another lane of traffic.  Trees were flailing about and buckets of rain were falling out of the sky.  Did that stop us from house hunting?  No.  Inventory all over our area is scarce and buyer demand is high.  We hoped that the storm meant other buyers would sit the day out.  No such luck.  It’s a brutal market for buyers.

What’s happening in the world of Braemar Courtyard homes?  Today’s Braemar Property Value Report, focusing on Braemar Courtyard homes, will seek to answer that question.  If you aren’t sure what a Braemar Courtyard home is, they are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

While there were no new sales of Braemar Courtyard homes in the months of May and June, we do have a change to drop the sales from last May and June and freshen up our six and twelve month data points.  Updated values can be found below.

As you may recall, the last sale we had in our Courtyard Series Braemar Property Value Report was a Courtyard home on a more traditional lot.  That is the only sale represented in the six month data points.  Therefore, I’m hesitant to use its value as an absolute for current Courtyard home trends.

What I can tell you across most recent Braemar real estate sales is this:

• Homes are increasing in value
• Seller subsidy (closing cost credit to buyers) is shrinking
• Marketing time is faster

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks.  You could also expect to give about 1.5% of the sales price in closing cost help, if you have to give any at all.

The next Braemar Property Value Report will be out in September.  Until then, if the time has come to sell your Braemar Courtyard home, give me a call for the most accurate market analysis of your home’s value in today’s strong seller’s 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

 

 

 

 

Braemar Property Value Report: March-April 2020 (Courtyard Series)

Braemar Property Value Report: March-April 2020 (Courtyard Series)

Can you believe that Memorial Day Weekend is THIS weekend?  This shelter-in-place order for the pandemic has made it feel like time was standing still.  Obviously, nothing stops time.  And as it turns out, it takes more than a pandemic to stop our Braemar real estate market.

In today’s edition of the Braemar Property Value Report, the focus is on the recent activity in the Courtyard Series homes in Braemar.  If you aren’t sure what a Braemar Courtyard home is, they are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

As is typical for our two month sales reporting periods, there was only one Braemar Courtyard home that sold during the months of March and April 2020.  Courtyard homes make up such a small portion of homes in Braemar, it is unusual to see many of them selling in any one reporting period.  The one Courtyard home that sold, is detailed below:

To be honest, I struggled with putting this Courtyard model home sale in this report.  It is an Arlington model, but unlike the Courtyard homes set up around one courtyard, this home was a builder model and located on a much larger lot and set up like a typical Braemar single family home.  It has a private driveway and doesn’t share a courtyard entrance like every other Courtyard home.  However, because the floor plan is the same as the Courtyards, I came to the conclusion it belonged here.  Of course, the higher than typical sold price reflects the difference in lot set up.

Taking this sale and combining it with all of the previous Courtyard home sales in the last twelve months, we see the six month average and median sold prices are higher than their twelve month counterparts.  That’s great news and is what I’m seeing across the Braemar real estate market.  Property values are still rising.

Seller subsidy (closing cost assistance from seller to buyer) is lower in both six month values compared to their twelve month counterparts.  This means that in the more recent sales, Braemar Courtyard home sellers, on average, have been giving less in closing cost help.

Finally, when it comes to marketing time, we see mixed information.  The six month average marketing time has shortened by more than half of the twelve month average.  Meanwhile the six month median marketing time has increased a bit compared to the twelve month marketing time.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks.  You would also expect to give 1% to 1.5% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in July.  Until then, the big question on most home owner’s minds is whether or not the pandemic is affecting our real estate market.  So far, it is not having a negative impact.  We are still experiencing a seller’s market thanks to very low mortgage interest rates, the expansion of Micron creating thousands of jobs in our back yard, and of course, our proximity to the Federal government that is always thriving.

If you find yourself wanting to sell your Braemar home, give me a call and we’ll discuss how to safely sell your home while still maximizing your sales price.  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

 

 

Braemar Property Value Report: January-February 2020 (Courtyard Series)

Braemar Property Value Report: January-February 2020 (Courtyard Series)

During this time of self-isolation, putting together my bi-monthly Braemar Property Value Reports is bringing me a sense of normalcy.  Even while there is not a lot of foot traffic in stores, restaurants are closed and traffic is minimal, there is still real estate business happening in the background.

This particular Braemar Property Value Report pertains to the Courytard homes in our neighborhood.  If you aren’t sure what a Braemar Courtyard home is, they are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

There were no Courtyard homes sold in Braemar during our current reporting period of January and February.  That doesn’t mean we don’t have updated six and twelve month data.  By simply dropping the months of January and Feburary 2019 and refactoring the numbers, I get the updated values below.

Looking first to the sold price column, we see a drop in value in both the six month average compared to the twelve month average, as well as the six month median from the twelve month median.  If no new sales bring up values in the coming months, this is not a good sign.  And with economic and safety concerns of COVID-19, who knows what our market is going to be facing.  We do know that Micron adding 8,000 to Manassas has been, and will continue to be, a major market force.

The seller subsidy column shows a better trend than the sales price column.  Both the six month average and six month median values were below their twelve month counterparts.  This means that buyers were having to lower or not request closing cost help to get their offers accepted in the times we were experiencing of limited inventory.

Finally, days on market shows that marketing time has gone up in the six month values compared to their respective twelve month values.  We’ll have to see what happens as market lives through COVID-19 and beyond.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to take no more than one month to get under contract.  You could also expect to may about one half of 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in May.  By then we will be well into whatever COVID-19 is going to bring to our area.  Given the low interest rates and expansion of Micron, I suspect our demand will remain strong.  If you find yourself in a position to sell, give me a call for a free analysis.  No matter what, I’m here to help you maximize your Braemar home’s profit.  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