Braemar Property Value Report: July-August 2019 (Carriage Series)
There is no question about it–fall is here. Overcast, low temps and the hint that leaves are changing color. With summer behind us, let’s take a look at the most recent Braemar home sales in the Carriage Series. If you don’t know what homes fall in the Carriages Series, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
There were three Carriage homes that sold in July and August. The details of all three sales are listed below:
Oddly, the lowest sold price at $376,000 was the largest home, but it was a home that had been vacant for over five years and finally sold as a foreclosure. The sale highlighted in pink was my listing, and for a three bedroom Carriage home, it got a fantastic price.
Taking these recent sales and combining them with the last twelve months of Braemar Carriage home sales, the updated six and twelve month values give us insight as to market conditions. Below are the updated values.
Looking first at sold prices, we see that both the six month average and median sold prices are above their respective twelve month sold prices. This means Braemar Carriage homes are still pushing up in value.
Seller subsidy, also known as closing cost assistance to buyers, is going down. The six month average is below the twelve month average. And the scant amount we saw in the twelve month median is now zero in the six month median. Buyers are minimizing their closing cost requests to get under contract in this seller’s market.
Days on market, which I call marketing time, shows that both six month values are lower than their twelve month counterparts. This means Braemar Carriage homes are selling faster.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement, in about two weeks. You could also expect to pay less than 1% of the sales price in closing cost assistance.
The next Braemar Property Value Report will be out in November. Until then, if you have been considering the sale of your Braemar Carriage home, don’t under estimate our fall market. There are still serious buyers out there and very little competition. Give me a call to learn all about the advantages of our fall market. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate