Braemar Condo Quarterly: January-March 2019 (1st Quarter)
With the first quarter of 2019 well behind us, it is time for another Braemar Condo Quarterly. In this edition of the Braemar Condo Quarterly, we’ll take a look back at the condo sales in our neighborhood from January to March.
All three sales in the first quarter, as it turns out, happened in the month of March. The final sold prices ranged from $270,700 to $300,000. The details of those sales are listed below:
So what do these sales mean in the grand scheme of things? Well, combining these sales in with the last year’s worth of Braemar condo sales, our updated six and twelve month data points are as follows:
The way to read these data points is to bear in mind that the six month values are what has happened recently. The twelve month values longer term. When it comes to sold price, the six month average is slightly above the twelve month average. That would be great if it were duplicated in the six month median compared to the twelve month median. Instead, when it comes to median sold prices, the six month median is below the twelve month median. Since neither six month value is grossly above or below their twelve month counterpart, that leads me to declare Braemar condo prices steady.
Seller subsidy, also know as closing cost assistance from sellers to buyers, has a very definite trend down. Both the six month average and median seller subsidy are lower than their twelve month counterparts. In our high demand/low inventory market, buyers are having to streamline their offers to get accepted. This means not asking for as much closing cost help.
Days on market hasn’t changed much. It has only gone up two days in comparing both the six month average and median to the twelve month average and median. Not a big cause for concern that it would take two days longer to sell your Braemar condo in my book.
If you did place your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in about three weeks or so. You could also expect to pay about 1% of the sales price in closing cost help.
The next Braemar Condo Quarterly will be out in July. Until then, when you are ready to move up or out of your Braemar condo and need to maximize the profit, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate