Braemar Property Value Report: March-April 2020 (Courtyard Series)
Can you believe that Memorial Day Weekend is THIS weekend? This shelter-in-place order for the pandemic has made it feel like time was standing still. Obviously, nothing stops time. And as it turns out, it takes more than a pandemic to stop our Braemar real estate market.
In today’s edition of the Braemar Property Value Report, the focus is on the recent activity in the Courtyard Series homes in Braemar. If you aren’t sure what a Braemar Courtyard home is, they are the single family homes located on Orland Stone, Pentland Hills and Playfair. Five homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.
As is typical for our two month sales reporting periods, there was only one Braemar Courtyard home that sold during the months of March and April 2020. Courtyard homes make up such a small portion of homes in Braemar, it is unusual to see many of them selling in any one reporting period. The one Courtyard home that sold, is detailed below:
To be honest, I struggled with putting this Courtyard model home sale in this report. It is an Arlington model, but unlike the Courtyard homes set up around one courtyard, this home was a builder model and located on a much larger lot and set up like a typical Braemar single family home. It has a private driveway and doesn’t share a courtyard entrance like every other Courtyard home. However, because the floor plan is the same as the Courtyards, I came to the conclusion it belonged here. Of course, the higher than typical sold price reflects the difference in lot set up.
Taking this sale and combining it with all of the previous Courtyard home sales in the last twelve months, we see the six month average and median sold prices are higher than their twelve month counterparts. That’s great news and is what I’m seeing across the Braemar real estate market. Property values are still rising.
Seller subsidy (closing cost assistance from seller to buyer) is lower in both six month values compared to their twelve month counterparts. This means that in the more recent sales, Braemar Courtyard home sellers, on average, have been giving less in closing cost help.
Finally, when it comes to marketing time, we see mixed information. The six month average marketing time has shortened by more than half of the twelve month average. Meanwhile the six month median marketing time has increased a bit compared to the twelve month marketing time.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks. You would also expect to give 1% to 1.5% of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in July. Until then, the big question on most home owner’s minds is whether or not the pandemic is affecting our real estate market. So far, it is not having a negative impact. We are still experiencing a seller’s market thanks to very low mortgage interest rates, the expansion of Micron creating thousands of jobs in our back yard, and of course, our proximity to the Federal government that is always thriving.
If you find yourself wanting to sell your Braemar home, give me a call and we’ll discuss how to safely sell your home while still maximizing your sales price. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate