Braemar Property Value Report: July-August 2018 (Heritage Series)
Ah Monday…my favorite day of the week. There’s something really great about starting fresh in the work week when you love your job. And as a Top Braemar Listing Agent, I certainly do love my job.
On this particular overcast and drizzly Monday, I am here to share the latest Braemar Property Value Report with you. This one features sales of Heritage Series homes in Braemar during the months of July and August. Heritage Series homes are mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.
There were five Heritage Series homes that sold during our most recent reporting period. Sold prices ranged from $480,000 to $519,900. Details on each sale are as follows:
When we take these most recent sales and replace last July and August in our rolling twelve month store of Braemar Heritage Series home sale data, here’s what we find:
In a market with increasing market values, we find that six month average and median sold prices are above the twelve month average and median. Obviously, that is not the case here. The six month average sold price is nearly $5,000 below the twelve month average sold price. The six and twelve month median sold prices are identical. What does this mean? At best, Braemar Heritage values are holding steady right now. At worst, they may be starting a decline. Only more market reports will reveal the trend. For now, take heart in the knowledge the six month values were below the twelve month values in November and December’s reporting period in 2017. They increased since then. That leads me to believe these Heritage home values are leveling out.
When it comes to seller subsidy (closing cost help to buyers,) we like to see those numbers decrease in the six month values compared to the twelve month values. Unfortunately, those are going the wrong direction, which in this case is up. That means Braemar Heritage Series home sellers are giving more in closing cost help when they sell recently. However, in the grand scheme of things, the amounts being giving are about one third of what buyers can actually absorb from sellers. In other words, buyers could be requesting a heck of a lot more.
Finally, when it comes to days on market, or I like to refer to it “marketing time,” this is an area where decreases in the short term are good. We have a two day increase form the twelve month average marketing time to the six month marketing time. However, the six month median marketing time is below the twelve month median. Small changes in both directions drives me to the conclusion that is is taking about the same amount of time to sell a Braemar Heritage Series home.
If you placed your Braemar Heritage Series home on the market, priced to current conditions, you could expect it to be under contract in about one to three weeks. You could also expect to pay about 1% of the sales price in closing cost help to your buyer.
The next Braemar Property Value Report will be out in November. Until then, when you want to know what your Braemar home is worth, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®