Braemar Property Value Report: May-June 2019 (Courtyard Series)
It’s finally beginning to feel like summer. Sure it has been sunny and hot, but that’s not what I mean about feeling like summer. To this Top Braemar Listing Agent, feeling like summer means the real estate market starts to slow down a bit. And sure enough, this is the first full week that I have not been booked day in and day out. Summer vacation season is upon us, which means the real estate market may finally be taking a breath. That’s fine. It is just in time for me to roll out my Braemar Property Value Reports.
Today’s report focuses on sales activity of Braemar Courtyard Series homes in May and June. If you don’t know what defines a Braemar Courtyard home, they are one of three different floor plans that share a private courtyard driveway and have limited outdoor space. Models include the Arlington, Ballston and Clarendon.
Between May and June, three Braemar Courtyard homes were sold. By chance, all were Clarendon models with walk out basements. Oddly, if you take a look at the sales below, the one with the fewest bedrooms sold for the highest price. But with such a tight grouping of final sold prices, I think the walk out basements had more to do with those prices.
When these three sales are combined with the entirety of the last twelve months of Braemar Courtyard home sales, we get updated six and twelve month data points. Let’s take a look.
Our first data point, sold price, shows good a good trend. Both the six month average and six month median sold prices are above their respective twelve month sold prices. That means Braemar Courtyard homes are continuing to gain value.
Seller subsidy, a.k.a. closing cost help to buyers, reveals a trend that is not as great. Both the six month seller subsidy values are more than their twelve month counterparts. That means buyers are asking for, and getting, more closing cost help lately.
Finally, we come to days on market. With the change to our new MLS in November 2018, we began getting two different ways of counting days on market depending on which contract status you chose. In our previous MLS, no matter what contract status you chose, days on market stopped counting. Until we get to January 2020, we won’t have an apples to apples comparison. As it stands with the data above, the six month average days on market is shorter than the twelve month days on market. Meanwhile the six month median days on market is longer (by one day only) than the twelve month median days on market. My greatest hope is our new MLS will eventually adopt the same days on market counter as our last MLS. For now, we have to deal with the data we have.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement within four to five weeks. You could also expect to give at least a little more than 1% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in September. Until then, give me a call when the time for the sale of your Braemar home is nearing. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate