Braemar Property Value Report: March-April 2020 (NV Homes)
When I am preparing Braemar Property Value Reports, normally I like to space out the reports to appear online every other day. However, this month has been rockin’ and rollin’. I’ve got a listing in Braemar that is getting a ton of traffic, one in New Bristow Village that is getting even more and a Braemar listing coming up that I am staging this weekend. Add to that three listings under contract, one in Haymarket, a townhouse in Braemar and another in Gainesville and there is much to be done. Meeting appraisers, negotiating home inspections, presenting offers….you get the picture. So while I have time, I’m putting out another Braemar Property Value Report. This one focuses on the single family homes built by NV Homes in our neighborhood.
Typically, as with other large single family homes in our neighborhood like the Arista Series, there aren’t very many sales in any one reporting period. In our current reporting period of March and April 2020, there were six NV Homes that sold. Details of those sales are listed below.
Taking these six sales from the past two months and combining them with the ten months worth of NV Home sales we saw before this reporting period, we get an entire year of sales data. Our updated six and twelve month data points are pictured below.
Starting with sold price we see that the six month average sold price is over $10,000 more than the twelve month average sold price. Tempering that great news, we do find that the six month median sold price is $1,500 below the twelve month median sold price. All in all, it looks like NV Homes in Braemar are continuing to gain value.
Next up is the seller subsidy column, or what is also known as closing cost assistance from seller to buyer. Both the six month average and median values here are well below their respective twelve month values. Even in the six sales that occurred in our current reporting period, only one-third of home sellers gave any closing cost help, and when they did, it was minimal. Clearly, sellers are giving less in seller subsidy thanks to the very competitive market we are experiencing.
Finally, days on market…or as I like to call, marketing time. Here we have mixed information, but with such slight variation it hardly worth much attention. The six month average marketing time is two days longer than the twelve month average marketing time. Meanwhile, the six month median marketing time is one day shorter than the twelve month median marketing time. This about as stable as you can get.
If you placed your Braemar NV Home on the market, priced to current conditions, you could expect ti to be under contract in about two and a half weeks. You could also expect to pay very little in closing cost help, if anything.
The next Braemar Property Value Report will be out in July. Until then, the question I am getting asked a lot right now is, “How is the pandemic affecting our real estate market?” If you couldn’t tell from this market report, it doesn’t seem to have affected our Braemar real estate market at all. Buyer demand is still very strong, making this a seller’s market. It’s no surprise when you consider the thousands of jobs being added by the Micron expansion in Manassas and the historically low mortgage interest rates.
If you want to take advantage of our current seller’s market conditions in Braemar, give me a call. There are added measures I am taking to make sure you sell your home safely, while still getting top dollar in the market. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate