Braemar Property Value Report: March-April 2023 (Courtyard Series)
The month of May is flying by. When spring hits, the time seems to go right
through the hands of this full-time Braemar Real Estate Agent. There are so
many scheduling demands come springtime…showing property, writing offers,
getting homes ready for market and, of course, finding time to prepare these
Braemar Property Value Reports and bring them to you. While I sell in many
Northern Virginia and exurb locations, Braemar will always be my first love.
After all, I chose it to call home too.
In this edition of the Braemar Property Value Report, the focus is on
Courtyard homes in our neighborhood. Courtyard homes are the homes located
off of Orland Stone, Pentland Hills and Playfair where five homes are situated
around a common courtyard entrance. They have very small lots which are great for
folks who want single family living without a lot of lawn care. The bedrooms
are also huge.Floor plans include the Arlington, Ballston and Clarendon.
Interesting that they are named for more urban areas close to DC, because I
offer refer to these homes as city homes in the suburbs.
Unfortuantely, as happens sometimes, there were no sales of Courtyard homes
in Braemar to report during March and April. A severe lack of inventory in our
neighborhood has seen more than just the Courtyard homes with no sales to
report this time around. That doesn’t mean we can’t take an updated look at the
six and twelve month data points tracked in this report. The numbers below are
taken from the Braemar Courtyard home sales that happened since May 2022 and
not going past April 2023.
The sold price column shows both six month values below their corresponding twelve month values. The difference between the six and twelve month values in each subset has grown since last report. Not anything terribly troubling since only one sale out of the six that happened since May 2022 happened during the last six months. Buyer demand right now is as strong as it has been going back to 2020 and 2021. The buyer hesitation on most homes is gone. Buyers are acting quickly and decisively, often resulting in multiple offer situations.
Seller subsidy (closing cost help to buyer) has gone up a lot in both six month values compared to their respective twelve month values. This is a little more troubling because when I look through the sales from most recent backward, seller subsidy had been increasing. Still, given the current state of the overall market, any seller could avoid seller subsidy requests by making sure their home was move-in ready, priced right and marketed professionally. That’s when the buyers compete over a home.
Days on market is the only positive change in the six month values compared to the twelve month values. The home that sold in the last six months took less than a week to go under contract.
Do not be dismayed by the lack of good news this report. A Braemar Courtyard home just sold in May 1st for $625,000 and it only took four days to go under contract. That sale, and any others that close before June 30th, will be featured in the next report.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a one or less. And as mentioned above, your best shot at avoiding seller subsidy would be making sure buyer enthusiasm for your home is maxxed out. Relying on market conditions alone is not a guarantee of exceedingly seller favored offers.
The next Braemar Property Value Report will be out in July. Between now and then if you want to know what your home is worth in the current market, let’s talk. Reach out for a no obligation consultation. You will quickly learn that getting my Braemar seller clients the max the market will allow is my pride and joy. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate