Braemar Property Value Report: November-December 2018 (Carriage Series)
Even though most of the snow has melted, there are still chunks present in shady areas. That’s why this Braemar Real Estate Agent went to a listing photo shoot this afternoon with a snow shovel in her trunk. Snow is okay, but car exhaust colored snow is not. There I was, scooping the dark gray snow off of the top of the mound still left on the median strip in front of the home. That’s what a great listing agent will do. Something else a great listing agent will do will keep you updated on the property values in your neighborhood, and that’s the purpose of today’s Braemar Property Value Report.
This particular Braemar Property Value Report focuses on sales of Braemar Carriage homes during the last two months of 2018. Before we begin, if you are wondering what differentiates a Braemar Carriage home from others in the neighborhood. Braemar Carriage homes 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 two Braemar Carriage homes that sold during our current reporting period. The details of those sales are listed below.
Taking these two most recent sales and combining them with the entire year’s worth of sales from 2018, gives us the opportunity to take a peek at the update six and twelve month data points. This data gives us an idea what’s happening with values, seller subsidy and marketing time.
Let’s start by looking at sold prices. The six month average sold price is slightly below the twelve month sold price. Taken alone, that would be an indication that values were falling. However, the six month median sold price is $50 higher than the twelve month median sold price. That would indicate stable values. For now, I’m calling our Braemar Carriage home values stable.
When it comes to seller subsidy (closing cost help to buyers,) we have a more definitive answer. The six month average and median seller subsidy are both below the twelve month average and median seller subsidy. That means Braemar Carriage home sellers have by and large been giving less closing cost help lately.
Days on the market is going to be a tricky one. In mid-November, our region switched to a new MLS system that calculates this value differently. It’s likely the two sales listed above, racked up higher days on market because of this new calculation. Nonetheless, the six month average and median marketing times are both a bit longer than the twelve month average and median marketing times. . This would normally mean that it’s taking longer to sell Braemar Carriage homes, but we’re going to have inconclusive comparisons in this category until we’ve got one year’s worth of data from our new MLS…which means one year from now.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in about seven weeks. I’m guessing that time will decrease as we are moving into our spring market. You could also expect to give about 1% of the sales price in closing cost assistance to the buyer.
The next Braemar Property Value Report will be out in late March. If you would like to sign up for electronic delivery of this report, which would include an attachment that is much like a financial statement you can save, email me at ChrisAnn@LNF.com. And of course, when it is time to sell your Braemar Carriage home, call the Braemar Listing Agent with attention to detail and unrivaled experience in the neighborhood. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®