Braemar Property Value Report: May-June 2020 (Arista Series)
House hunting during July and August in Braemar can be brutal. The heat and humidity can get to you, especially during a time when no overlapping showings can happen thanks to COVID. I’ve been standing in the front lawns of quite a few area listings just waiting for my turn to show a property. Couldn’t be happier than I am right now to be sitting in my air conditioned home typing this Braemar Property Value Update for Arista home owners in our neighborhood. Arista homes are the large single family homes built by Brookfield Homes in our neighborhood and are one of three models: Arista, Buckingham or Canterbury.
There were three Braemar Arista homes that sold during our most recent reporting period, which encompasses May and June. The details of those sales are listed below.
At first glance you notice that the middle sale is highlighted in a pink. That’s because that is a listing that I sold. And looking in comparison with the other sales, it seems my sellers made out very well. They sold in a shorter period of time than the other sellers, paid no closing cost help and considering the only three finished levels without a secluded lot, they did very well on their price.
When we take these three sales from May and June and compare them with the entire past twelve months of Braemar Arista home sales, we get updated six and twelve month data points, as seen below.
Looking first at the sold price column, we see that both the six month average and six month median sold prices are higher than their twelve month counterparts. This means Braemar Arista homes are continuing to push up in value in this crazy seller’s market.
Another trend we see in a seller’s market is decreasing seller subsidy, or as it is also know, closing cost assistance. Yes, the trend is certainly favoring sellers. Both the six month average and median seller subsidy values are less than their twelve month counterparts. Sellers aren’t having to give as much in closing cost help as they were.
Finally, looking at days on market, another seller’s market trend is clear. Both the six month average and six month median marketing times are shorter than their twelve month respective values. This means Braemar Arista homes are selling faster. Though these higher price range homes do tend to take a bit longer to sell than less expensive and smaller homes.
If you placed your Braemar Arista home on the market, priced to current conditions, your could expect it to be under contract in no more than a month, possibly even less time than that. You could also expect you may have to pay less than 1% of the sales price in closing cost help.
The next Braemar Property Value Report will be in out in September. Until then, when the time comes to sell your Braemar home, give me a call for the most accurate evaluation of your home and a professional marketing plan that will maximize your profit. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate