Braemar Townhouse Report: March-April 2020
Hard to believe that we are nearly in June. Time flies, even when you are under a shelter-in-place order. My goal is to always get my Braemar market reports out before the end of the odd numbered months. There is no question I’m cutting that self-imposed deadline close by publishing this edition of the Braemar Townhouse Report on May 30th.
This particular Braemar Townhouse Report covers sales of traditional townhouses in Braemar during the months of March and April 2020. For the purposes of this report, a traditional townhouse is one that is attached on the sides, is three levels and has a back yard.
During this current reporting period, there were fourteen Braemar townhouses that sold. The details of these sales are listed below:
One of the first things you notice above is that the second sale listed is highlighted in pink. Whenever I personally list and sell a home, I highlight it for you to see that I do more than property reports. I help a lot of Braemar home sellers. In this particular sale, the sellers were on their second contract. They had a higher price with no seller subsidy with their first buyer, but when you get someone who gives you exactly what you want, beware the home inspection. It was over the top with requests. So the sellers made an offer, but the buyer voided. That left the sellers to go back to their back up offer. Again, a higher offer than noted here, but appraisal had it coming it below the sales price offered.
Taking these fourteen Braemar townhouse sales and combining them with the entire past twelve months of sales, our six and twelve month data points are updated as seen below.
The sold price column looks great when you see that both the six month average and six month median sold prices are higher than their twelve month respective values. This means Braemar townhouses are still gaining value.
In the seller subsidy column, we find more good news for Braemar townhouse owners that may be thinking of jumping into the market very soon. Seller subsidy is also known as closing cost help to buyers. Both the six month average and six month median values are below their respective twelve month values. That means Braemar townhouses owners, on the whole, have been giving very little, if any, seller subsidy when entering contracts.
Finally, when it comes to days on market, or marketing time as I like to call it, we see another great trend for Braemar townhouse sellers. The six month average marketing time is 10 days shorter than the twelve month average marketing time. The six month median marketing time (only 4 days) is 2 days shorter than the twelve month median marketing time.
If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect that you would give 1% of the sales price or less in seller subsidy.
The next Braemar Townhouse Report will be out in July. Until then, know that our Braemar real estate market is as strong as ever. Our buyer demand is not being met by the supply of homes, which means we are still experiencing seller market conditions. If you want to sell, now is a great time to do it…pandemic and all. Give me a call and I’ll be happy to talk with you about my marketing techniques and the new COVID showing precautions I’ve had my sellers put in place to remain safe while their home is on the market. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate