Braemar Piggyback & Patio Quarterly: April-June 2014
This is the second edition of the Braemar quarterly report for Piggyback Townhouses and Patio Homes. As such, we will only have comparisons to last quarter’s report.
For clarification, Braemar Piggyback Townhouses are attached side-to-side and back-to-back. While they do not offer back yards, they offer large bedrooms and a two car garage. Braemar Patio Homes are also known as quads. Each is attached at the side, back and corner to another Patio Home. They have two levels, also offering large bedrooms and a modest side yard.
As the second quarter of 2014 came to a close, there were two active Braemar Piggyback Townhouse listings for sale. Their prices were $285,000 and $280,000. When it comes to what actually SOLD, there were three Piggyback Townhouse sales. The high sales price was $305,000 and the low was $280,000. The average of all three gives us our new average market value of Piggyback Townhouses to be $293,667. That’s a 4% decrease in value since the first quarter of 2014.
If you placed your Braemar Piggyback Townhouse on the market, priced to current conditions, this report indicates it would be under contract in an average of 3 days. The active listings, however, as of this report, have an average marketing time of 47 days and the counter is still going. To say the market is shifting would be fair. Another thing you could expect is to contribute an average of nearly 1.5% of the sales price in closing cost help to the buyer.
Closing out the second quarter of 2014, there was one active Patio Home listing at $300,000 and one under contract, listed for $309,900. There was only one Braemar Patio Home that made it settlement, but that’s better than none, which is what we saw last report. The sales price of the one Patio Home that sold is our high, low and average sales price for the second quarter: $290,000. It’s encouraging that one is under contract that was listed higher. That may be an indicator that we will see an increase in value in third quarter.
If you placed your Braemar Patio Home on the market, priced to current conditions, this reports indicates it would be under contract in 5 days. Given the active listing, still counting marketing time at 17 days as of today, and the one under contract that was listed for 15 days, I would say this number will be increasing in future reports. You could also expect to contribute nearly 2.5% of the sales price in closing cost assistance to the buyer.
The next Braemar Piggyback & Patio Quarterly will cover the second quarter of 2014 and will be out in July. Until then, if you are thinking of selling your Braemar home, call me for a free market analysis. No One Knows Braemar Better!
And if you haven’t already, please join my new Braemar Facebook group. You can find links to these reports and be involved in all kinds of neighborhood conversations.
Chris Ann Cleland, Associate Broker-Licensed in VA
2013 Top Producing Agent & 2013 Top Selling Agent, Long & Foster REALTORS® Gainesville, VA
(Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information Systems.)
You can see the most recent property values in Braemar by clicking the links below:
Arista Series (large single family homes built by Brookfield Homes)
Carriage Series (smaller single family homes with detached garages, Brookfield Homes)
Courtyard Series (executive style home, five to a private driveway, Brookfield Homes)
Heritage Series (mid-sized single family homes, Brookfield Homes)
NV Homes (single family homes built by NV Homes)
Ryan Homes (single family homes built by Ryan Homes)
Braemar Townhouse Report (traditional townhouses with back yards)
Condo Quarterly (townhouse style condos)