Braemar Townhouse Report: March-April 2023
Before we head into this long weekend, it is my pleasure to bring you the latest Braemar Townhouse Report. The properties included in this report are traditional townhouses which are not condo, have three levels and a fenceable back yard. The time frame examined for resale activity are the months of March and April 2023. Let’s dive right in.
During the current reporting period there were three Braemar townhouses that sold. Details of the Braemar townhouse sales in March and April are listed below.
While only one townhouse sold above its list price price, the other two did at least sell at their list price. Things have been improving in our Braemar market since the slowing of buyer activity we saw in the latter half of 2022. The biggest improvements seem to be to seller subsidy (most sellers gave none this go round as opposed to last report) and to marketing times since the sales happened almost immediately.
When taking these latest sales and combining them with the Braemar townhouse sales dating back to May 2022, the rolling twelve months of sales provides updated six and twelve month data points.
The sold price column has improved a lot since the first report where we saw six month values drift below their respective twelve month values in the September-0ctober 2022 report. The difference between the six month and twelve month values in each subset has been narrowing. This is an indication that values have been moving back up. Recent buyer activity at high demand, coupled with the severe lack of inventory we have been experiencing, makes for an extremely seller favored market.
Seller subsidy (closing cost help to buyers) was higher in both the six month average and six month median values last report. The fact that this is decreasing in recent sales is not surprising given the number of buyers competing over the few homes for sale. The twelve month average, however, did increase since last report. Not a big surprise there as the months when mortgage interest rate hikes gave buyers pause have been kicked into that time period as we move forward.
Days on market is another area where there has been noticeable improvement in both six month values compared to last report. Braemar townhouse sellers are not lingering on the market.
If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about a week or less. Seller subsidy requests are avoidable. Making sure your home is move-in ready, priced properly and professionally marketed is what creates buyer enthusiasm. When buyers are excited about a home they are more likely to act quickly for fear of missing out. You are also more likely to get multiple offers. Buyer enthusiasm is what creates the most seller favored offers.
This Memorial Day Weekend, we honor those military members who served our country and paid the ultimate price with their lives. Please take a moment to remember those sacrifices. All too often it gets lost in the celebration of a three day weekend and cookouts with family and friends. We are blessed to live in a country where there are pepole willing to defend our freedoms with their lives in our armed services.
The next Braemar Townhouse Report will be out in July. Between now and then, if a home sale looks like it is in your future, please do not hesitate to reach out to find out what your home is worth in the current market. It is a pleasure to discuss the ins and outs of the market with you. Getting my Braemar sellers the top of the market always begins with a simple conversation. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
*Townhouse photo courtesy of Home Visit.