Braemar Piggyback Quarterly: January-March 2020 (1st Quarter)
Being well into April, it is time to take a look back at the first quarter of the year and see what happened in the Braemar real estate market with respect to Piggyback townhouses. If you are not familiar with what a Braemar Piggyback townhouse is, they are three level townhouses, completely above grade, with attached two car garages. The townhouses themselves are attached not just on the sides like traditional townhouses, but also along their back wall to another row of townhouses. What they lack in not having a back yard, they make up for the large bedroom sizes.
There were two Braemar Piggyback townhouses that sold during the first quarter. Details of those sales are listed below:
Taking these two sales and combining them with the previous three quarters to make an entire year’s worth of sales, we get the following updated six and twelve month data points.
Starting with the sold column, we see conflicting trends. The six month average sold price is a tad higher than the twelve month average sold price. That would indicate values pushing up in value. The six month median sold price, however, has fallen below the twelve month median sold price. This would indicate values falling a bit. Taking a quick peek at the two sales from the first quarter, we have one above the six month data points and one well below. That doesn’t help clear this up. Since neither the change up or down is a big one, it is best to proclaim Piggyback townhouse values stable.
Next we move to seller subsidy, also known as closing cost help to buyer. There is a clear trend here. Both the six month average and six month median sold seller subsidy values are higher than their twelve month respective values. This means buyers have been asking for, and receiving, higher amounts of closing cost assistance in the more recent past.
Finally, days on market reveals a definite trend as well. Both the six month average and six month median marketing times are longer than the twelve month average and twelve month median marketing times. This means it has been taking longer to sell Braemar Piggyback townhouses.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in two to four weeks. You could also to pay out about 2% of the sales price in seller subsidy.
We have yet to see how the measures to curb the spread of COVID will impact our Braemar real estate market. By the next Braemar Piggyback Quarterly, which will be out in July, we will see what effect, if any our current situation is having on values. Until then, if you want to know how to safely sell your Braemar home, while maximizing profit, hiring the right real estate agent has never been more important. Give me a call and let’s talk. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate