Braemar Piggyback Quarterly: October-December 2019 (4th Quarter)
Welcome to another edition of the Braemar Piggyback Quarterly. This particular edition looks back to the fourth quarter of 2019 to Piggyback townhouse sales in our neighborhood of Braemar. If you are not familiar with what a Braemar Piggyback townhouse is, they are three level townhouses, completely above grade, with attached two car garages. The townhouses themselves are attached not just on the sides like traditional townhouses, but also along their back wall to another row of townhouses. What they lack in not having a back yard, they make up for the large bedroom sizes.
During the last quarter of 2019, which started October 1st and ended December 31st, there were four Braemar Piggyback townhouses that sold. Their final sold prices ranged from $332,000 to $355,000. The details of each of those sales are listed below.
Immediately you notice that one of the sales is highlighted in pink. That means that I was the listing agent for that home. Bringing you consistent market reports for Braemar certainly makes me a super knowledgeable agent. However, I like to show you the results that my sellers, and buyers, get when they hire me. Not only did the seller of 13036 Bathgate get one of the highest sold prices, she had multiple offers and was under contract in only six days!
Taking all four of these fourth quarter sales and combining them with every Piggyback home sale that happened in Braemar during 2019, we get updated six and twelve month data points. This is what gives us our market insights. Our updated values points are below:
Looking first at the sold price column, we see that both the six month average and six month median sold prices are above their respective twelve month values. This means that Braemar Piggyback townhouses saw some some increases in recent sales. However, it is worth noting that two of the four sales in the fourth quarter fall below even the six month average sold price. That happens enough and values will be on the down turn.
Next up, we see an increase in the six month average and median seller subsidy when those values are compared to their twelve month counterparts. This means that Braemar Piggyback townhouse buyers have been asking for, and receiving, more closing cost help from sellers. This could be an indicator that our seller’s market is cooling off a bit.
Finally, when it comes to days on market (or marketing time as I like to call it,) we see that there was a slight increase in marketing time from the six month average compared to the twelve month average. There was only a one day increase in marketing time when looking at the six month median to the twelve month median. I noticed when I sold 13036 Bathgate that Braemar Piggyback homes tended to be hanging on the market longer. Truly, hiring the right agent for the job and getting the best advice, puts you in the shorter time frames. However, overall it is taking a little longer on average to sell Braemar Piggyback homes. Perhaps another indicator of the cooling of our Braemar seller’s market.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about two to four weeks. You could also expect to paay 2% to 3% of the sales price in closing cost assistance to your buyer.
The next Braemar Piggyback Quarterly will be out in April. By then, the spring market in Braemar will already be in full swing. If you want to get on top of it and get the top dollar for your home in the shortest period of time, give me a call. Since 2005, No One Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate