Braemar Condo Quarterly: July-September 2020 (3rd Quarter)
Fall has arrived, and with it, the opportunity to look back on the Braemar condo market and see what happened in the third quarter of this unusual year. In keeping with every Braemar Condo Quarterly I have published to date, let’s start with the sales from the third quarter, which are seen below.
In the six sales that happened in the third quarter, five of them were on Caithness Circle. It is an odd happenstance when a handful of neighbors outgrown their homes and sell in a couple weeks or months of each other. If you notice that one sale of the six is highlighted in pink, that’s because it was my listing. What’s not seen here is that my sellers were able to negotiate a two month rent back which saved their bacon and allowed them to not have to move to temporary housing while shopping for their next home. That type of contractual win is worth a lot of money and aggravation for move up sellers in this intense seller’s market with very limited inventory.
When taking this six Braemar condo sales and combining them with the previous three quarters worth of sales, we get a complete year’s worth of data. Our updated six and twelve month markers (seen below) give us indications as to where our market is heading.
Looking first at the sold price column, we see that both the six month average and six month median sold prices are above their respective twelve month values. This means that Braemar condos, like just about everything else in this market, continue to climb in value.
Seller subsidy is where we get to find out how much closing cost help sellers gave to Braemar condo buyers. It is not a surprise to see that in the six month values, compared to the twelve month values, show that seller subsidy is decreasing. Out of the six month recent sales listed above, four of them gave seller subsidy. Some of that may have been requested in their initial offer, or in the case of some sales, may be credits given at the time of home inspection. My sale, for instance, had a buyer not asking for any closing cost assistance. At the time of home inspection, the age and condition of the roof became a real concern. The buyer had asked for a lot more than the actual cost of the roof. Thankfully, my sellers were able to get a quote from a roofer and counter with a reasonable seller subsidy for the buyer to take care of replacing the roof during their ownership period.
Finally we get to days on market, or marketing time as I like to call it. Both the six month average and six month median marketing times are identical, showing four days to get under contract. The only one longer is the twelve month average marketing time. Braemar condos are getting eaten up quickly by buyers in the market.
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, maybe even a couple of days. You could also expect, because you are likely dealing with first time buyers with limited cash on hand, to give some closing cost help.
The next Braemar Condo Quarterly will be out in January and will show us how the Braemar condo market closed out the year. Until then, know that if the sale of your Braemar condo is looming on the horizon, the year end market is a powerful one. There are still serious buyers, but even fewer selllers this time of year. Give me a call and see what a year end sale may mean for you. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate