Braemar Townhouse Report: July-August 2019
What gorgeous days we have had this week! I’ve been out getting two new listings ready for market. Time to sit back at my desk and bring up the rear of the Braemar Property Value Reports with the final in this series, the Braemar Townhouse Report.
This particular report focuses on traditional Braemar townhouse sales between the months of July and August. Traditional townhouses, for the sake of this report, are three level townhouses, not condo ownership, with back yards.
There were were nine townhouses that sold during our current reporting period. Final sold prices ranged from $260,000 to $379,000. Quite a range of prices. Here are the details of all nine sales:
Taking all of these most recent sales and combining them with the entire last twelve months of sales, we get updated six and twelve month data points which give us an idea what direction the market is heading. Below are the updated six and twelve month values:
Looking first at the sold price column, we find that both the six month average and six month median sold prices are above their twelve month respective values. This means Braemar townhouse values are still increasing.
When we look at the seller subsidy, also known as closing cost help to buyers, we see that the amounts given in both the six month average and median were below the amounts in the twelve month counterpart. Buyers are asking for less closing help to compete in this market.
Finally, when it comes to days on market (marketing time) we find another seller favored trend. Both the six month average and six month median marketing times are below their twelve month comparative values. This means Braemar townhouses have been selling even faster.
If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about three weeks. You could also expect to give about 1% of the sales price in closing cost help.
The next Braemar Townhouse Report will be out in November. Until then, if you have been considering selling your Braemar townhouse and moving up, give me a call and let’s talk market conditions and logistics. Braemar real estate is what I know best. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate