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!
Associate Broker-Licensed in VA
Long & Foster Real Estate