Braemar Property Value Report: March-April 2020 (Carriage Series)
Even though shelter-in-place is still in effect and our daily lives are off kilter from what they had been prior to the pandemic, the Braemar real estate market doesn’t seem to be feeling any ill effects. Today we will look at what is happening with respect to Braemar Carriage home values in this edition of the Braemar Property Value Report. Of course, if you don’t know what a Braemar Carriage home is, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
There were two Braemar Carriage homes that sold during our current reporting period of March and April 2020. The details of those sales are listed below:
Taking these two sales and combining them the entire past twelve months of Braemar Carriage home sales, our six and twelve month data points are updated as follows:
Looking first at the sold price column, we see great news in the fact that both the six month average and six month median values are higher than their respective twelve month values. This means Braemar Carriage homes are continuing to gain value. And given the most recent sales of some of the smaller Braemar Carriage homes above, we see those are even higher! I suspect Braemar Carriage homes will continue to increase in value in the near future.
When it comes to seller subsidy (closing cost help from sellers to buyers,) we see that those values have increased in the six month values compared to the twelve month values. This means that Braemar Carriage home buyers have been asking for, and receiving more closing cost in the more recent past. However, this trend may reverse based on what we see in the two most recent sales above. One of those gave no closing cost help at all, the other only gave $5,000. If that is something we see in future sales, seller subsidy will decrease in the shorter term.
Finally, looking at marketing time, we see very slight increases in both the six month average and median values over their twelve month counterparts. One of our more recent sales detailed above shows a higher marketing time, however. Will be interesting to see which way this trend goes in future reports.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks. You could also expect to pay about 1.5% of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in July. Until then, know that real estate is considered an essential business in our state. If the need arises to sell your home during the pandemic, I can help you sell your home safely and for top dollar. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate