Braemar Property Value Report: September-October 2018 (Arista Series)
Before starting some preparation for Thanksgiving dishes tomorrow, I thought it would be a good idea to put out this Braemar Property Value Report detailing sales of Arista Series homes in our neighborhood for September and October. Even though it is fall, there is a lot going on in our market, not even mentioning the news that Amazon chose Arlington for its headquarters. It is likely some of those newly employed by Amazon will be moving to Prince William County and an Arista Home would be a great choice for them. If you are wondering what Arista homes are, they are the largest homes built by Brookfield Homes and include the Allister, Buckingham and Canterbury floor plans.
There was only one Arista home that sold in our current two month reporting period. It was a Canterbury that sold for $570,000. It had originally listed for an optimistic $615,000. The final list price, in the details below was $589,900.
When we take this sale and run updated six and twelve month data points, here is what we find:
The good news is that the six month average and median sold prices are higher than the twelve month average and median sold prices. The trend present in comparing the six month values to the twelve month values is that Arista home prices are still going up. However, it is not great to know that the most recent sale falls below all but the twelve month average. If future sales continue to slump, this trend will be coming to a halt.
A trend that is not great for seller is that the average and median six month seller subsidy (closing cost help to buyers) is much higher than the twelve month average and median seller subsidy values. As our marketplace has been dealing with slowing demand, buyers are asking for more and more closing help. However, there may be a tad of hope that the most recent sale in October gave no closing help. Unfortunately, I think that may because of the low sales price.
When it comes to days on market, or marketing time, not much has changed in the short term compared to the longer term. Arista homes are taking about the same amount of time to sell. Perhaps we’ll get a lift in marketing time and sold prices as those new Amazon employees discover these lovely homes in Braemar.
If you placed your Arista home on the market, priced to current conditions, you could expect it to sell in as little as a month and a half or as long as nearly eleven weeks. You could also expect to pay $10,000 to $12,000 in seller subsidy.
The next Braemar Property Value Report will be out in Januaury. Until then, I hope you have a wonderful holiday season. If you find yourself in a position to sell between now and then, give me a call. The year end market has a lot of benefits I would love to share with you. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®