Braemar Property Value Report: January-February 2019 (NV Homes)
Doing a quick spray of windshield fluid and swipe of the wiper blades yesterday I noticed quite a bit of pollen. Spring is here! Of course, we won’t know about the actual spring market real estate values until we have moved past it, but right now we have a chance in this edition of the Braemar Property Value Report to look at the first two months of 2019 and what is happening with NV Home values in the neighborhood.
Unfortunately, there were no NV Homes that sold during January and February. However, that doesn’t mean we don’t get updated data points. The six and twelve month weigh points we use for market indicators shifts every report. Right now, this is what the six and twelve month values look like for NV Homes.
Let’s start with sold price. The six month average sold price is slightly above the twelve month average sold price. That’s good news! However, the six month median sold price is $25,000 less than the twelve month median. Not good news. And without any NV Homes sold in our current reporting period, well, that leaves this experience Braemar Real Estate Agent to go with her gut. There is incredible demand for homes in our neighborhood, though most demand seems to be below the $500,000 price point. NV Home prices are most likely stable, but we’ll need to see some sales to be definite about it.
Next up, seller subsidy. There is a very clear indication of a market trend here. Both the six month average and median values are higher than their twelve month counterparts. This means sellers have been giving more closing cost help to their buyers in the most recent sales.
Finally, we come to days on market. You probably remember that our region switched to a new MLS system in the late fall and that the new MLS system calculates this figure differently. Until we have a year’s worth of data under our new Bright MLS, or Bright decides to calculate days on market the way our previous MLS did, we have apples compared to oranges. While there isn’t a lot of change from the six month marketing time values to the twelve month marketing time values, it is more likely than not that just the new MLS system will scare us with an increased days on market in recent sales. The good news is that when I run comps for individual home owners, I can manually calculate marketing time given the information on the listing.
If you placed your NV Home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about a month. You could also expect to give about 1.5% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in late May. Until then, when you see a move on your horizon, give me a call for your home’s specific value in the current market. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate