Braemar Condo Quarterly: January-March 2023 (1st Quarter)
Ahhh. Another gorgeous sunny spring day in Braemar . This time of year lifts many gray winter weary spirits, mine included. As I go through the latest Braemar Condo Quarterly, focusing on the first quarter’s activity in 2023, you will get a sense of the local market and how it affects your Braemar condo.
A quick note before we get started for those that may not know that there are condos in Braemar. Condos are often thought of as units in a larger building. The reality is that a condo is simply a form of a ownership. Single family homes could be condos if they were registered with the SCC (State Corporation Commission) that way. The vast majority of homes in our Braemar neighborhood are part of HOAs. There is one association within Braemar registered as a condo. That is Barrhill at Inverness Village. Inside this Braemar condo enclave are townhouses. Some have garages, others don’t. They are located off of the streets Caithness Circle, Moxleys Ford Lane, Lod Lovat Way and Heykens Lane. These are the condo referred to in this report.
From the beginning of January to the end of March, not one Braemar condo sold. However, there were two listings that hit the market during the first quarter. One is located at 12518 Heykens. It listed for $365,000 on March 16th and went under contract in a matter of three days. We will see the final sold price next report. The other Braemar condo for sale in the first quarter was located at 10013 Moxleys Ford, also priced at $365,000. It hit the market as on February 1st. Remarks indicate it was a court ordered sale, which is usually indicative of a bankruptcy. However, the listing was withdrawn from the market on February 27th, not having sold. It may have been the condition (being noted as needing TLC,) or the fact that there were tenants inside that needed occupancy until the end of June that made the home unattractive to buyers.
Despite the lack of sales for the first quarter of 2023, the six and twelve month data points tracked in this report are updated when the first quarter of 2022 falls off of our year’s worth of Braemar condo sales.
Starting in the sold price column, it is good to see that both the six month average and six month median sold prices are higher, even though slightly, than their respective twelve month values. This indicates the continued progression of upward growth in Braemar condo values, despite buyer behavior changing in the latter half of 2022. Buyer behavior only started picking up to the more frenzied pace we had gotten used to for the last couple years in February.
Seller subsidy (closing cost help to buyers) is higher in both six month values compared to their corresponding twelve month values. Not a shock when you consider how affordability for first time buyers has really been hit at both ends with rising mortgage interest rates and the continued upward growth of home prices.
Marketing times are single digits down the line, varying only by one additional day in both six month values compared to their respective twelve month values. It is clear that Braemar condos, being the most affordable purchases in our neighborhood, have remained in high demand.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in a week or less. Seller subsidy requests are not going to be uncommon, but you can put yourself in the absolute best position by making sure your home is priced right, properly prepared and professionally marketed. These are made possible by partnering with a local, professional agent like myself that can help you on all three points to create the all important buyer enthusiasm. When buyers are excited about your home, they are more likely to be aggressive in their offer terms.
The next Braemar Condo Quarterly will be out in July. Between now and then, if you would like to know your specific condo’s value in the current market, get in touch with me. It is my pleasure to help my fellow Braemarians hit the top of the market. It always starts with a get-to-know-you chat about your property, desired time frames, nd the overall market. It is never too early to consult with me to get a handle on where to spend your time, money and energy in listing preparation projects. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate