Braemar Condo Quarterly: January-March 2022 (1st Quarter)
If there is one thing that really bring me down, it is the weather; more specifically, rainy dreary conditions for multiple days in a row. The good news, is that our spring vegetation is getting plenty of hydration and a rainy day is a great day to stay inside and put together my Braemar market reports.
Today it is time for the Braemar Condo Quarterly. Some folks are not aware that they are condos in our community. Somehow, condos evoke an image of a building with multiple units per floor, like an apartment. Condos can be any type of structure. In the particular case of Braemar condos, ours are townhouses. What makes them condos is a shared form of ownership of the entire condo complex, which would include structures and common area.
During the first quarter of 2022, only one Braemar condo sold. I am sure more would have sold had they been on the market, but only one Braemar condo seller set out to list in the first quarter. Details of that sale are listed below.
Clearly the first quarter was a great time to list. This seller got $26,000 above their list price and gave no seller subsidy (closing cost help.) This is also a case where the home was never active for buyers to see. Rather, the buyer wrote a sight unseen offer. You can read my thoughts on sight unseen offers by clicking the link in the last sentence.
When the first quarter of 2022 sales are combined with the second, third and fourth quarter sales of 2021, one year’s worth of Braemar condo sales give me the opportunity to update our six and twelve month data points. From here we can spot market trends.
Starting in the sold price column, we see the six month average sold price has fallen slightly below the twelve month average sold price. Meanwhile, the median sold price in both six and twelve month values is the same. Seems that while we are still in a seller’s market, Braemar condo values are holding steady in value. No dramatic increases in value at this time.
Seller subsidy is zero in all but the twelve month average. That comes from three out of eleven Braemar condo sellers giving closing cost help in the past twelve months. It’s been a long time since I have seen an offer of seller subsidy from a seller. The way these credits usually come about is part of the initial offer presented by buyer. Having a listing agent that may not realize these requests are off base in our current market could hurt a seller. It does matter who you hire to list your home.
Marketing time is six days in all but the twelve month average value. In that case, the marketing time is only two days longer. Braemar condos are selling fast.
If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to sell without having to give seller subsidy. With the sales I have handled to date in 2022, no listings have had to undergo appraisal contingencies or inspection contingencies.
The next Braemar Condo Quarterly will be out in July. Until then, if you would like to talk over what a 2022 sale might mean for you, reach out to me for a no obligation consultation. As a home owner here myself, selling Braemar real estate is my pride and joy. And with my seventeen years of experience in listing preparation, professional marketing and negotiation, my sellers get every penny out of the market…even a seller’s market. Don’t leave your outcome to chance and rely solely on market conditions. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate