Braemar Property Value Report: January-February 2022 (Ryan Homes)
Welcome to another edition of the Braemar Property Value Report, focusing on sales of houses built by Ryan Homes in our neighborhood. We wrapped up 2021 last report. Let’s get right to it and see how we are starting off 2022.
There were two Ryan homes that sold during the first two months of 2022. Details are listed below.
At a glance, we see one sold below list price and another above. The biggest difference in the homes on paper seems to be one more additional bathroom that would have been finished in the basement of the second home. If all else were equal, based on numbers alone, this would mean that a full bathroom in a basement is worth only $5,000. That is an example of how market extraction works, which is the method appraisers use to figure out value. That’s another topic entirely.
Taking these two sales and combining them with the Ryan homes that sold going back to March 2021, we get twelve month of sales from which the six and twelve month data points we follow are updated.
Starting with sold price, we see the six month average is down compared to the twelve month average. The median sold prices in both time frames are the same. This could be an indication of the single family market changing, but based on what I seen so far this year, it seems that buyer demand is outpacing supply even more so than it did during the last half of 2021. I suspect we’ll see improvement in both six month sold prices over their twelve month values next report.
Seller subsidy has definitely shot up in the six month average over the twelve month average, despite the two most recent sales giving nothing in seller subsidy. When the values for January and February 2021 were dropped, we obviously lost some zero seller subsidy sales. The good news is that the six and twelve month median seller subsidy values both being at zero means that more than half of Ryan home sellers in both periods gave nothing in closing cost help.
Days on market has gone up in both six month values compared to their twelve month counterparts. The increases in marketing time are not troublesome and are likely to come down as we move into spring if buyer demand continues to outpace supply.
If you placed your Ryan home on the market, priced to current market conditions in Braemar, you could expect your home to be under contract in about a week. You could also reasonably expect to give nothing in seller subsidy as multiple buyers compete to win your home. Of course, having a skilled negotiator in your corner certainly helps that cause and how much money you make.
The next Braemar Property Value Report will be out in May. Before then, if you would like to investigate what a 2022 sale might mean for you, don’t hesitate to reach out. Simply listing with anyone in a seller’s market is not a guarantee of top of the market in sold price. No matter the market, buyer enthusiasm must be created to reach the pinnacle of the market at any given time. That means proper preparation, professional marketing and skilled negotiating all the way through. These are the foundations of my business and they have not been compromised just because buyer demand is high. l know you still have to earn top of the market and it is my job to get that for each and every one of my sellers. Consultations are free and confidential. As a neighborhood expert, it is my utmost pleasure to help. Since 2005, No One Knows Braemar Better!