Braemar Patio Quarterly: October-December 2018 (4th Quarter)
With the New Year in full swing, we have the opportunity to look back at the fourth quarter sales activity for a variety of Braemar homes and get a sense of what is happening with Braemar property values. This particular report focuses on Braemar Patio homes, which are also known as quads. They are the two story, one car garage home attached on two sides and a corner.
There were three Braemar Patio homes that sold in the fourth quarter of 2018. Their final sold prices ranged from $330,000 to $344,000. The details of those sales can be found below.
Taking these three sales for the fourth quarter, and combining them with the Braemar Patio home sales from the previous three quarters, gives us a year’s worth of data. As is the custom when I prepare these reports, key values are pulled out in six and twelve month increments. The short term (six month) values give us a sense, when compared to the longer term (twelve month) values, whether values are increasing, decreasing or remaining stable. Here’s the break out for the last six and twelve months for Braemar Patio homes:
The six month average and median sold price are both above their twelve month counterparts. That means Braemar Patio homes are still inching up in value!
When it comes to seller subsidy (closing cost assistance to buyer) the numbers in the six month average is nearly identical to the twelve month average. And the median numbers in both six and twelve month are zero. The news here is that buyers are not asking for any more closing cost than they have been the last year.
Finally we come to days on market (DOM.) This is a category that is going to unreliable for a time because of the switch to the Bright MLS our area underwent in November. You can click this link for specifics on the MLS change, but DOM is measured differently in Bright, so until we have a full year’s values, the numbers for marketing time are likely going to show higher in the short term. In this report, the change in the six month values compared to the twelve month values is not so drastic, but still shows a slight increase in marketing time.
If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract and heading to closing in a little over a month or near a month and a half. You could also expect that you may have to give less than 1% of the sales price in closing cost help.
The next Braemar Patio Quarterly will be out in April. If you would like to sign up for the online copy of the report, send me an email at ChrisAnn@LNF.com. You can also reach me there, or by phone at 703-402-0037 for a free market analysis of your home’s value when the time is drawing near to sell. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®