Braemar Condo Quarterly: April-June 2019 (2nd Quarter)

Braemar Condo Quarterly: April-June 2019 (2nd Quarter)

Having been out and about with Bristow buyers for the last week, I can sincerely say that sitting inside and type a market report at my desk, enjoying the air conditioning, is a real treat.  It has been down right swampy feeling around here lately.  If you do happen to be out, I hope you are at least enjoying our Braemar pools.

The second quarter of 2019 is most certainly behind us, making it time for another Braemar Condo Quarterly report.  This particular edition is looking back to the sales of condos in Braemar between the months of April and June.  During that time period, there were six Braemar condos that sold, ranging in price from $260,000 to $319,000.  The details of those sales are listed below.

 

One detail that is not listed above is the fact that the lowest dollar value sale above at $260,000 was a bank owned property, more commonly known as a foreclosure.  However, even with that one sale, it seems values of Braemar condos are up in the short term.  Here’s a break out of six month average and median values compared to twelve month average and median values.

The six month average sold price is above its twelve month average counterpart, and the six month median sold price is above its twelve month median counterpart.  This means that values of Braemar condos are going up!

Looking at the seller subsidy (closing cost assistance from seller to buyer) column, we see a downward trend in the short term. Both the six month average and median values in this category are below their twelve month counterparts.  This means sellers are having to give less in closing cost help as our market has so many buyers competing for properties.

Finally, days on market seems fairly stable.  The six month average is only three days longer than the twelve month average.  The six month median is only one day longer than the twelve month median.  And until we get one entire year’s worth of data with the new method of counting days on market, this comparison means little to nothing anyway.  Our January 2020 report will be the first one with one year’s worth of days on market data from our new MLS.

The next Braemar Condo Quarterly will be out in October.  Until then, when it is time to sell your Braemar condo, give me a call.  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

 

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Braemar Condo Quarterly: October-December 2018 (4th Quarter)

Braemar Condo Quarterly: October-December 2018 (4th Quarter)

While I am nestled safe and sound in my own Braemar home, snow accumulating outside in our first 2019 snow event, I might as well share one of my Braemar market reports.  This month all types of homes are due for updated reports, but since the homes featured in the quarterly reports only get updates four times a year, I thought I would start there. The first in the Braemar quarterly reports, which is this one, focuses on the sales of Braemar condos, also known as the Barrhill at Inverness Village Condos.

There were two condos in Braemar that sold in the fourth quarter of 2019.  They were both two bedrooms with one full bathroom and one half bathroom.  They each also had a garage.  There were some differences in final sold prices, one being $264,000 and the other being $272,000.  Details on the sales are below:

Taking these two sales and including them in the last year’s worth of Braemar condo sales, the numbers I like to see are the six and twelve month sold price, seller subsidy and DOM, or marketing time.  That last number is going to be off with the change to the Bright MLS that our area has undergone.  Our previous MLS stopped counting days on the market as soon as you went under contract.  Not Bright.  Bright only stops counting days on market when all the contingencies to the contract have been removed.   That change to the new MLS happened in November.  Let’s see how it affected our six month values compared to the twelve month values.

Given the explanation above, let’s look at the marketing time comparisons first.  I am not surprised to see higher days on market in the six month average and median values compared to the twelve month values.  We’ll only have the best idea of marketing time when we have ALL of our data coming from Bright MLS.  That won’t be until the first quarter of 2020’s report.

The sold prices in the six month average and media are both above the twelve month values.  This is great news.  Values are increasing.

Seller subsidy (closing cost assistance to buyers) has gone up in the six month average compared to the twelve month average, and is the same in the six month and twelve month median.  This means sellers have been giving a bit more in closing cost help more recently.

If you placed your Braemar condo on the market, priced to current conditions, you could expect to have a contract with all the contingencies removed within about forty days.  You could also expect to give about 1.5% of the sales price in closing cost help.

Stay safe during this snow storm.  If you don’t need to go out, don’t.  If you get bored and want to talk real estate,as your Braemar Real Estate Resource, I’m here to lend my expertise.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Condo Quarterly: October-December 2017 (4th Quarter)

Braemar Condo Quarterly: October-December 2017 (4th Quarter)

This New Year’s Day I decided to hit the ground running.  Taking the Christmas tree down, and all the holiday decorations, can wait until later.  Right now, it’s time for another Braemar Condo Quarterly report.  This one will look back to the sales that happened in the fourth quarter of 2017.

As it turns out, there were three Braemar condo sales in the fourth quarter.  They are detailed below.

If you’ve been following this report in the recent years, you know that Braemar condo sales don’t go much above $260,000.  In fact, the average and median values have been lingering around $250,000 for literally years.  It was great to see a two bedroom Braemar condo pull a $276,000 sold price.  Even the other sales are a minimum of $260,00, which furthers my belief that off season selling is the way to go.  We are blessed with year round demand  in our area.  Competing with everyone that wants to sell in the spring seems to bring prices down.  The fall sold price are looking way better than what we saw earlier in the year.

Braemar Condo Quarterly (4th Quarter 2017)

When you look at the six month average and median sold prices, you can see that fall flurry of sales has brought a refreshingly higher round of sold prices, compared to the twelve month median and average sold prices.  The seller subsidy (closing cost assistance to buyers,) ticked up in the shorter term values.  The shorter term reveals that Braemar condo market times are under a week, both median and average values.

If you placed your Braemar condo on the market, you could expect it to be under contract in a week.  You could also expect to pay about 2.5% of the sales price in closing cost help to the buyer.

If you’ve been thinking that 2018 may be the time to sell your Braemar condo, call me soon.  Despite the frigid temperatures, Braemar buyers are out shopping now.  If you wait until spring, you are quite likely to find yourself at a disadvantage, competing with more Braemar condos on the market.

Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com