Braemar Condo Quarterly: April-June 2020 (2nd Quarter)
Summer is definitely here, and as usual, it is hot and humid. And during these hot and humid months, our Bristow real estate market usually slows a bit. Not this year! Our market is crazy busy. Sellers are cleaning up and buyers are frantic to get a home. This Braemar Condo Quarterly value report will cover the sales activity in the second quarter, which are the months of April, May and June.
There were five Braemar condos that sold in the second quarter. The details of those sales are listed below:
Taking these five sales during the second quarter of 2020 and combining them with the sales in the three quarters previous, we get an entire year’s worth of sales data. Here are the updated six and twelve month data points:
Starting with the sold price column, we see what I would expect to see. Both the six month average and six month median sold prices are above their respective twelve month values. Braemar condos are gaining value.
The seller subsidy column is where we see how much closing cost help Braemar condo sellers are giving in their sales. Again, not surprising to see that seller subsidy in the six month values is below their respective twelve month values. Even in the five sales we see itemized above, there was only one buyer out of five that got any closing cost help at all. Clearly, now is the market where Braemar condo sellers can truly maximize profit.
Finally, looking at days on market, we see the average and median marketing time in the six month values is only three days. That’s below the twelve month average marketing time of seventeen days and below the twelve month median marketing time of six days. Braemar condos are flying off the shelves.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in days. You could also expect you may get a buyer that will forego a closing cost help request.
The next Braemar Condo Quarterly will be out in October. Until then, if you have a Braemar condo you want to sell, give me a call. I will be happy to put my years of experience in our market to work for you. And if you are buyer looking for a Braemar condo, I will have hitting the market very soon. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate