Braemar Piggyback Quarterly: January-March 2019 (1st Quarter)
Not only is the first quarter of 2019 firmly behind us, but so is the first third of the second quarter. Kids will be out of school before you know it. Families will go on vacation and right about July and August, our Braemar real estate market will slow down. It’s been such high demand and low supply for months that I think some sellers are taking it for granted. The good news is that there is still time to get your home on the market before the dog days of summer.
Right now, it’s time for another Braemar Piggyback Quarterly. This report focuses on resales of the back to back townhouses in our neighborhood. What they lack in the absence of a back yard, they more than make up for with the two car garages and large bedroom sizes.
Looking back at the first quarter of 2019, only one Piggyback townhouse in Braemar sold. It sold for $330,000. The details of that sale are below.
Even though there is only one Piggyback townhouse sale to report this quarter, when it is placed with the previous three quarters of sales, we get a chance to see updated six and twelve month data points.
Seeing that the six month average and median sold prices are both higher than their twelve month counterparts, we see that Piggyback townhouse values are increasing. Not surprising given the high demand and scant supply we are seeing in our Braemar marketplace.
Another thing common in a seller favored market is dwindling seller subsidy (closing cost assistance to buyers.) It is not a surprise to see the six month average and median seller subsidy values falling below the twelve month average and median values.
Now we come to days on market, or as I like to call it – marketing time. When we switched to our new MLS in November, their method for counting days on market was different. However, after many complaints from the subscribing agents, this new MLS has decided to keep consistent with how we had been counting days on market before. Whew! That said, seeing increases in both the six month average and median marketing times, compared to the respective twelve month values, is not what I was expecting. Seems Piggyback townhouses take some time to snatch up their buyers and it is getting to be a little longer than the traditional townhouses in Braemar.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in less than three months. (Honestly, I would be shocked if I placed a Braemar Piggyback townhouse on the market and it took more than two weeks to sell it.) You could also expect you may have to give about 1% of the sales price in closing cost help.
The next Braemar Piggyback Quarterly will be out in July. Until then, if you want to take advantage of our high market demand and list before July and August, give me a call. It’s my job to maximize your profit. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate