Braemar Property Value Report: November-December 2019 (Courtyard Series)
As we get further into January 2020, I am still putting together Braemar Property Value Reports for my fellow home owners in Braemar. Today’s report is the Courtyard Series and focuses on sales of Courtyard homes in November and December 2019. If you aren’t sure what a Braemar Courtyard 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.
There were two Braemar Courtyard homes that sold in the last two months of 2019. Their final sold prices were $395,000 and $439,000 respectively. The details of those sales are listed below:
Combining those two sales with the entire twelve month of sales from 2019, our six and twelve month data points are updated as seen below:
Starting with the sold column, we see that both the six month average and six month median values are below their respective twelve month values, but not by much. And being that one of the sales from the year end had a value above all of these average and median values, and the other fell below them all, I would consider the values of Braemar Courtyard homes stable right now. Time will tell if we continue to climb up in value.
Seller subsidy (closing cost assistance to buyers) does not bear out a favorable trend when comparing the six month average and median values to their twelve month counterparts. The six month values are both above the twelve month values. This means that buyers in the last six month have been asking for, and receiving, more closing cost help. However, it is important to note that the last two sales of 2019 show seller subsidy figures below what is noted in the six month average and median. If future sales follow the trend set by these two sales, the seller subsidy figures will be soon be falling.
Finally we come to days on market, or what I call marketing time. The six month average and median values, in comparison to their respective twelve month values, shows that in the last six months, average marketing time has increased a bit. Again, the last two sales of 2019 show marketing times below the six month average and median marketing times. If future sales follow suit, this will be another value ripe for favorable change.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a little over a week to a little over three weeks. You could also expect to pay an average of about 1.5% of the sales price in closing cost help to your buyer.
The next Braemar Property Value Report will be out in March. Until then, if you have been thinking of selling your Braemar home in the 2020 spring market, please realize that real estate spring comes a lot quicker than Mother Nature’s spring. The time to get started is now. Give me a call and let’s go over how you can maximize your profit in this market. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate