Braemar Property Value Report: November-December 2019 (Arista Series)
Who is out there enjoying the sunshine and temps in the low fifties today? Sure it’s a weekday and the majority of Western Prince William County is at work, but that doesn’t mean you can’t enjoy it. The sun shining in the windows is lovely. Too bad the weekend is cuing up to be nasty weather-wise. Just like the real estate market, the weather is beyond our control.
In this edition of the Braemar Property Value Report we take a look back at the last two months of sales activity in the Arista Series in Braemar. Homes known as Arista homes are the largest homes in Braemar built by Brookfield Homes. The floor plans include the Allister, Buckingham and Canterbury. The most prevalent of these floor plans in Braemar is the Canterbury.
Getting right to it, there was one Canterbury that sold in December. Details of the sale are below:
I’m sure I am not the only one scratching my head and wondering why five bedroom, three and a half bathroom Canterbury with a fully finished walk out basement sold for only $574,900. It turned my stomach to see that one. Well, part of the issue is that the sale was a Short Sale. Short Sales are distressed sales where the owners of a home are upside down in their mortgage vs. what they will get for the sale of their home. Even still, as a veteran Short Sale Agent that saw plenty of action in our neighborhood during the market down turn, I can say that the investors on the back end of the mortgage don’t give these homes away. They usually want market value. If this is what a bank considers market value for a Canterbury in Braemar, there could be trouble ahead. The good news is that this shouldn’t be a comparable sale for any seller with equity. Nonetheless, that isn’t going to stop buyers from pulling it up on any number of sites and getting unrealistic expectations of what a large single family home in Braemar is worth. The latter could certainly affect our property values. After all, buyers are half of the equation.
Updating the six month and twelve month data points with the entire year’s worth of sales for Arista homes in 2019, here’s what we see:
Starting with sold price, we see the six month average is well above the twelve month average sold price. However, the six month median has barely moved from the twelve month median. Best case, Arista homes are still gaining ground in terms of value. Worst case, they are holding steady.
Seller subsidy (closing cost assistance to buyers) is showing some good trends for Braemar home sellers. The six month average seller subsidy is a good chunk below the twelve month average seller subsidy. Meanwhile the six month median is slightly below the twelve month median. Overall, this means Arista home sellers have been giving less closing cost help.
Days on market shows a trend I don’t like in the averages. The six month average average marketing time is about fifty percent longer than the twelve month average marketing time. I would love to blame the Short Sale that sold this reporting period that that one went under contract in twenty-five days! Once again, however, the median values are where we find stability. The six month median marketing time and the twelve month median marketing time are exactly the same.
If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about four to six weeks. You could also expect to pay an average of about 1% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in March. Until then, if you have you been considering a spring sale, now is the time to get started. By the time we are in the actual spring season, the spring selling season is well under way. Now is the time to get on the market and get your price when the competition is minimal. Give me a call and let’s talk market timing. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate