Braemar Property Value Report: September-October 2019 (Courtyard Series)
The holidays are approaching and we’ll be ringing in 2020 before we know it. Predicting what will happen in our future real estate market involves an examination of what has happened in the more recent past. Today I am here, yet again, to do exactly that with another Braemar Property Value Report. This edition features sales of Braemar Courtyard homes during the months of September and October. Braemar Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space. Models include the Arlington, Ballston and Clarendon.
There was only one sale of a Braemar Courtyard home during this two month reporting period...not at all unusual being that Courtyard homes make up such a small percentage of the homes in Braemar. The details of that sale are listed below.
Even though there was only one sale during our current reporting period, when combined with the entire last twelve months of Braemar Courtyard home sales, the updated six and twelve month value points are where we determine market trends. Here are our updated average and median values.
Looking first at the sold price column, we see that both the six month average and six month median sold prices are both above their respective twelve month sold prices. This means that the most recent sales still have Braemar Courtyard homes pushing up in value.
When it comes to seller subsidy (closing cost help to buyers,) what we find is that buyers in the more recent sales (last six months) are getting more in closing cost help than when we average out the entire twelve months of sales. The only thing encouraging here is that the sale from this current reporting period gave nothing in closing cost help. Hopefully that is a situation that repeats in upcoming Courtyard homes sales, reversing the increase in seller subsidy trend we are seeing here.
Finally, days on market shows stability in the six month median marketing time to the twelve month median marketing time. Better news is that the six month average marketing time is less than twelve month average marketing time.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract within one to three weeks. You could also expect to pay bout 2% of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness this holiday season. And always, if the need arises for you to sell your Braemar home, don’t hesitate to give me a call. No matter the season, I am here to get you the most money from the sale of your home. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate