Braemar Property Value Report: May-June 2020 (Heritage Series)
When I prepare the various editions of the Braemar Property Value Report, I am always excited to see how any listings I had compared with other sales of similar properties. In this edition of the Braemar Property Value Report for the Heritage Series homes, I have a chance to do that. Heritage homes are mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.
There were eight Heritage homes in our neighborhood that sold during the months of May and June. My listing is highlighted in the detailed sales below in pink.
At first glance, my listing at 9658 Granary Place was the third lowest sold price in all the sales above. However, when you look at it compared to the other unfinished basement home sales, it was the highest sold price. My sellers got $17,000 over what was, at the time, a reasonable list price. In fact, they set a record for the highest sold price for an unfinished basement home sale in the Heritage Series since probably 2005 or 2006.
Taking these eight sales and combining them with the entire previous twelve months of Heritage home sales, our six and twelve month data points are updated as reflected below.
Starting with the sold price column, we see that both the six month average and six month median sold prices are above their respective twelve month sold prices. That means Braemar Heritage homes are continuing to move up in value.
When it comes to seller subsidy we see how much Braemar Heritage home sellers have been giving in closing cost help summarized with the average and median values. The six month average seller subsidy is less than the twelve month average seller subsidy. Not surprising considering buyers are having to write stronger and stronger offers more recently to even be considered. The six month and twelve month medians are the same at zero. That means half or more of Braemar Heritage home sellers are not giving any seller subsidy.
Days on market shows a surprise uptick in marketing time. The six month average marketing time was four days longer than the twelve month average marketing time. However the most recent sales above show no longer marketing time than fourteen days. That means the sale(s) bringing up the average are not ones that happened in the two most recent months. Meanwhile, the six and twelve month median marketing times are identical at six days.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You could also expect to pay very little, if anything, in closing cost help.
The next Braemar Property Value Report will be out in September. Until then, there may never be a better time to cash out for max profit when selling your Braemar home. There is no question that our circumstances of intense buyer demand and not enough homes to meet it, has created a bubble. When will it burst? We’ll only know when values start their downward trend. If you want to know where your value may be with a sale in the near future, call me for the most accurate analysis of your Braemar home’s value and let’s set another record high sold price. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate