Braemar Condo Quarterly: January-March 2018 (1st Quarter)
It finally feels like spring in Braemar. Yesterday, as I drove out of the community, seeing the trees fill in and the grass greening up rejuvenated my winter weary soul. In speaking with some perennial flower lovers, I have heard some grumbling that the overnight temps are still too cold to plant, but we are getting there.
Right now, it is time for the Braemar Condo Quarterly. This report looks back on the first quarter of 2018. Let’s first take a look at the condos that sold between January and March.
As you can see, there were four Braemar condos that sold in the first quarter. Each one had a garage and were two bedroom models. Their sold prices ranged from $231,000 to $265,000. It’s nice to see that the highest sold price of $265,000 was one that was occurred twice. None of these condos took more than thirteen days to go under contract. and the most any of them paid in seller subsidy (closing cost help to the buyer) was $4,500.
When we take these four sales and combine them with the second, third and fourth quarter condo sales, we have the chance to get a good look at the last year’s sales activity for Braemar condos in the shorter term and longer term.
The six month average and median sold prices are both higher than their respective counterparts in the twelve month sold prices. That means Braemar condos are seeing increase in value. Meanwhile, there is no real movement up or down in the amount of closing cost help Braemar condo owners are giving in the short term compared to the longer term. It is great to see that the average marketing time in the last six months has shaved off more than half the amount of time it took to sell a Braemar condo compared to the twelve month average marketing time.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in less than a week, at most two weeks. You could also expect to pay about $4,000 to $4,5000 in closing cost help.
The next Braemar Condo Quarterly will be out in July. Until then, if you want to know how our current market conditions have affected your Braemar condo’s value, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®