Braemar Condo Quarterly: October-December 2019 (4th Quarter)
Happy New Year! This is the first official Braemar market report hitting SellingBraemar.com in 2020. And since I do not own a crystal ball to predict what IS going to happen in our market, this is a look back at the most recent sales. This particular report covers Braemar condo sales in the fourth quarter of 2019.
It shocks a lot of residents in our neighborhood to know that there are condos in our neighborhood, but a condo is merely a form of ownership. In a condo ownership, the condo association owns and insures the structure where residents live. They don’t have to be apartment style. Braemar condos are the townhouses known as Barrhill at Inverness Village Condos.
There were five Braemar condos that sold between the beginning of October and end of December 2019. Their sold prices are a very tight grouping, ranging from $285,000 to $291,000. Details of those sales are listed below.
Taking the fourth quarter of Braemar condo sales and combining them with the entire twelve months of 2019 sales, our six and twelve month data points are updated as follows:
Looking first at the sold price column, we see that both the six month average and six month median values are slightly above their respective twelve month values. Even though the increases are slight, this still points to Braemar condos inching up in value.
Seller subsidy, unfortunately, is also inching up. The six month values are both above their twelve month counterparts. Not a trend prospective sellers necessarily like, but this means Braemar condo buyers are asking for, and receiving, more closing cost help from sellers in the more recent sales.
When it comes to days on market, another upward trend is seen when comparing the six month values to their respective twelve month values. Marketing time is a little longer in the more recent sales.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in two to four weeks. You could also to pay about 2% of the sales price in seller subsidy.
The next Braemar Condo Quarterly will be out in April. Between now and then, our temperatures will warm up and we’ll start to see spring blooming. Of course, the spring real estate market in Braemar starts a lot earlier than that. If you have been considering the sale of your Braemar condo, give me a call and let’s talk. Getting the maximum amount of money when you sell your Braemar home is what I do best. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate