Braemar Reflection Quarterly: April-June 2019 (2nd Quarter)
Before my open house at 12849 Rannoch Forest this afternoon, this dedicated Braemar Real Estate Agent has put together the last of my quarterly property value reports. Today you will learn what happened in the second quarter of 2019 in the world of Braemar Reflection Series homes. If you aren’t familiar with what a Braemar Reflection home is, they are the semi-detached single family homes located off Tarvie Circle. They are attached only at the rear load garage to one neighboring property.
Between April and June, there were two sales of Braemar Reflection homes. I am very pleased to have listed and sold, for the second time, 9684 Tarvie Circle. Because it was my listing, it is highlighted in pink in the detailed list below.
While my listing was not the highest sold price, for what it offered it sold for a very good price. The high sold price of $492,500 included four finished levels. My listing had two finished levels. It also went under contract in less than a week.
Taking these two most recent sales and combining them with the entire twelve months worth of Reflection Series sales, our six and twelve month data points are updated as follows:
While the median sold price is unchanged from the twelve month value to the six month value, the average sold price has increased in the six month value compared to the twelve month value. That means that these semi-detached homes in Braemar are still pushing up in value. It may not be by leaps and bounds, but an increase is an increase.
A bigger change in the short term, compared to the long term, is a decrease in seller subsidy (closing cost assistance to buyers.) The six month average and median seller subsidy values are both below their twelve month counterparts. Being out in the Braemar real estate market helping buyers and sellers day in and day out, it is no surprise given the lack of inventory and high buyer demand, that buyers are having to temper their requests for closing cost help. In the case of 9684 Tarvie, my sellers were able to offset the cost of that seller subsidy by increasing their sales price. Not an unusual strategy when a buyer must have the closing cost help.
As you may recall, days on the market has undergone a change in how it is reported in our new MLS, which was adopted by the market in November. Until we have a year’s worth of the new data, which will be the first report of 2020, these numbers are unreliable. As presented, the increase of the six month days on market numbers compared to their twelve month counterparts, indicates that it is taking longer to sell a semi-detached home in Braemar. That is simply not what I am experiencing. It will be wonderful if our MLS would adopt the same stopping point for counting marketing time that our previous one did. I won’t hold my breath.
If you placed your Braemar Reflection home on the market, priced to current conditions, within a month and half you would be under contract and well on your way to closing. You could also reasonably expect to about 2% of the sales price in closing cost help.
The next Braemar Reflection Quarterly will be out in October. Until then, when the sale of your Braemar semi-detached home is on the horizon, give me a call. You only get one shot to maximize the profit from the sale of your home. Since 2005, No One Knows Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate