Braemar Property Value Report: May-June 2019 (Arista Series)
The Braemar real estate market has been busy, busy, busy. Low inventory and high buyer demand have been the hallmark of 2019. Right now, we are going to specifically go over the happenings with regard to Arista Series homes in Braemar during the last two months. Arista Series homes are among the largest homes in Braemar, built by Brookfield Homes. The Arista Series homes are one of three floor plans: Arista, Buckingham and Canterbury.
There were four Arista homes that sold in Braemar in the months of May and June. The details of those sales are listed below:
The sold prices ranged from $537,500 to $625,000. The low sold price seems to be due in large part to an unfinished basement. The remaining three all had finished basements to some degree. The degree to which they were finished, and type of exit (walk out vs. walk up) seem to make a difference in their sold prices.
When we take these sales and combine with them with the entirety of the last twelve months of Arista home sales, we get new six and twelve month data points, which are pictured below.
Looking first at sold prices, the six month average sold price has dipped ever so slightly below the twelve month average. It’s a little more than a $1,000 difference. Certainly not enough to be concerned with, particularly when you see that the six month median sold price is $9,500 higher than the twelve month average. Arista home prices are holding steady at worst, continuing to push up in value at best. Either way, it is not bad news.
Seller subsidy is not a great trend in either the six month average or six month median numbers. Both are above their twelve month counterparts. This means that in the more recent sales, buyers are getting more closing cost help.
Finally, days on market. Remember, our new MLS, adopted in November 2019, stops counting days on market at different points than our previous MLS. This has resulted in higher marketing times in the more recent sales. However, even given the difference, marketing time in both six month values is below the twelve month values. It seems Braemar Arista homes are selling faster.
If you placed your Braemar Arista home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about five weeks. You could also expect to give a little more than 1% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in September. Until then, when the time is approaching to sell your Braemar home, give me a call for the most accurate market analysis and best marketing plan for your home. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate