Braemar Patio Quarterly: January-March 2019 (1st Quarter)
It’s hard for me to believe that today is the last day of April. Time is flying by, but that’s how it feels when you are a Top Braemar Listing Agent in early spring. There is so much activity that life is a blur.
Right now, it is time for another Braemar Patio Quarterly. This report focuses on sales of the two level, quad style townhouses in our neighborhood.
During the first quarter of 2019, there was only one Braemar Patio home that sold. Details of that sale are below:
Even with only one sale happening in the first quarter, the six and twelve month data points get updated. When they do, here’s what we have:
Unfortunately, the six month average and median sold prices are both below their twelve month counterparts. That indicates that Braemar Patio home values are softening in the short term. Hard to believe with buyer demand being so high. Hopefully the second quarter shows a strengthening of Braemar Patio homes.
When it comes to seller subsidy, otherwise known as closing cost help to buyers, the more recent trend is also not favorable to sellers. Both the six month average and median seller subsidy values are above the twelve month average and median seller subsidy. This means in the most recent sales, Braemar Patio home sellers are giving more closing cost help.
Finally, days on market shows the latest unfavorable trend to sellers. Both six month values are above the twelve month values. That indicates it is taking longer to sell Braemar Patio homes. I have been qualifying that our new MLS counted days on market differently. However, it seems after a lot of feedback from the agent community, they have gone back to counting days on market the way we have always done it. That mean these days on market numbers are an apples to apples comparison.
If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in no more than two months. (I suspect the high demand we are experiencing will turn that into a much lower number.) You could also expect to give about 1% of the sales price in closing cost help.
The next Braemar Patio Quarterly will be out in July. Until then, when you want to know what your specific market value is looking like, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate