Braemar Property Value Report: March-April 2023 (Arista Series)

Braemar Property Value Report: March-April 2023 (Arista Series)

The spring weather has finally decided to stay, but if I know the Bristow and the larger Northern Virginia area well (and I should, I am a NoVa native) we will be complaining about hot summer days in a matter of weeks, if not days. The mild temperatures of the fall and spring are fleeting, enjoyable for a relatively short time before we begin experiencing the extreme temperatures of the season.

On this gorgeous spring day I bring you the latest Braemar Property Value Report for homes in the Arista Series. These are the largest homes built by Brookfield Homes in our Braemar community and include the following three floor plans: Allister, Buckingham and Canterbury. This particular edition focuses on the sales activity from the months of March and April. Unfortunately, during those past two month, there were no Arista home sales to report. Not because they were on the market and lingering without buyer activity. On the contrary, our Braemar market is experiencing an extreme lack of inventory.

Despite there being no Arista home sales to report from March and April, the six and twelve month data points tracked in this report are still updated as March and April 2022 are dropped from the continuous monitoring of home sale data. The updated six and twelve month data points cover from May 2022 to April 2023 and can be seen below.

For starters, let’s talk a look at the sold price column. Both the six month average and six month median sold prices are still above their respective twelve month sold prices, but not by much. In the absence of recent sales for March and April, this could lead one to believe our market is shifting and prices are softening. Based on what I am personally seeing in the marketplace, the severe lack of inventory is not having a negative impact on values. Rather, homes are selling quickly right now and, at least for the homes I’ve had the pleasure to help buyers purchase or those that I have listed for sellers, the market all over Northern Virginia is hot, hot, hot where sellers are concerned. I would not lose a moment’s rest over the tightening gap between these sets of sold prices.

Seller subsidy (closing cost help to buyers) is now present in three of the four data points, where it had only been present in two last report. The six month average has gone up since then and now we have a six month median value. The only true statements I can make that are uplifting is that only three of the eight sellers making up the twelve months worth of Arista home sales gave any seller subsidy. Therefore the reason there is a zero in the twelve month median seller subsidy is that more than half of the Arista home sellers in the last year gave none. Seller subsidy may or may not be a factor for an Arista home seller in the near future. It depends on many factors, not the least of which is how much buyer enthusiam there is about a listing.

Days on market shot up in both six month values due to a single sale in the last report that took 108 days to go under contract. With only two sales having happened in the last six months, and one of them having that abnormally long marketing time, the six month values may be skewed even next report. Near the end of summer that sale will fall to the twelve month values. For now, most sales are still hapenning quite quickly.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two or three weeks. You may get seller subsidy requests from buyers, but if your home is properly priced, well prepared and professionally marketed, it is reasonable to assume you could negotiate the number down or have multiple offers to choose from, some which may not have that seller subsidy request.

The next Braemar Property Value Report will be out in July. Until then, if you are curious as to what your Braemar home is worth in the current market, please reach out for a complementary consultation. It is my pleasure to discuss our real estate market with you and help you find your place in it. One of the things that gives me the most pride is making sure my Braemar sellers hit the top of whatever market conditions in which they are selling. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Property Value Report: March-April 2019 (Carriage Series)

Braemar Property Value Report: March-April 2019 (Carriage Series)

Here we are in the middle of May. School will be out before you know it.  Summer vacations are on the horizon.  And likely, there are some Braemar home sellers that will soon be hitting the market.  While we can’t predict what the market holds, we can look to the most recent sales history and see what has been happening.

Right now, it is time for the Braemar Property Value Report detailing sales of Carriage homes between the months of March and April.  Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were three Braemar Carriage home that sold between March and April.  Final sold prices ranged from $395,000 to $435,000.  The details of those sales are listed below:

Refreshing the six and twelve month data points by including these most recent sales into the rolling year’s worth of Braemar Carriage home sales, here is what we find:

Let’s take a look at the sold prices.  The six month average and median sold prices have fallen below the twelve month average and median sold prices.  Our last few reports have had conflicting trends when comparing these six month values to their twelve month counterparts.  One would indicate increasing values.  The other would indicate a softening of values.  While not a big difference, the fact that both six month values are below the twelve month values could be the beginning of softening Carriage home values.  We’ll only know when we get a look at the next Carriage home report.

Another trend that does not favor Braemar Carriage home seller is that seller subsidy (closing cost help to buyers) is higher in both six month values over the twelve month values.

Days on market (marketing time) gives us a mixed bag and still having apples to oranges comparisons until we get to the fall with one year’s worth of days on market data from our new MLS, these numbers may not be entirely reliable.  As they present, the six month average marketing time is longer than the twelve month average marketing time.  Meanwhile, the six month median marketing time is shorter than the twelve month median marketing time.  Rest assured, when it comes to figuring out long it will actually take to sell your Braemar Carriage home, I will calculate recent marketing times by hand during our listing appointment.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract, and well on the way to settlement, in three to eight weeks.  You could also expect to pay about 1.5% of the sales price in closing cost help to the buyer.

The next Braemar Property Value Report will be out in July.  Until then, let me know when you are getting ready to sell your Braemar Carriage home.  Maximizing your profits is a job I do very well.  It all comes from outstanding marketing, negotiating and unparalleled neighborhood market knowledge. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com