Braemar Reflection Quarterly: October-December 2019 (4th Quarter)
Welcome to another Braemar Reflection Quarterly. While we are well into 2020, this report looks back to the fourth quarter of 2019 and details sales of the semi-detached single family homes on Tarvie Circle in Braemar.
From the beginning of October to the end of December, there were two Reflection homes that sold in Braemar. The details of those sales are listed below.
While both homes were Annan floor plans with fully finished, below ground basements, one of these homes had a loft which brought an additional bedroom and full bathroom for an additional $25,000 in final sold price.
Taking both of these sales and combining with every Reflection home sale that happened in 2019, we get an entire year’s worth of data. Breaking out the six and twelve month data points is how we are able to get a sense of how our market changed over the year. This is the only way to project what the first quarter of 2020 may have in store.
Looking first at the sold price column, we see the six month average and median sold prices are both above their respective twelve month sold prices. That means that semi-detached homes in Braemar are continuing to push upward in value.
Next, the seller subsidy column bears some good news. The six month average and median seller subsidy (also known as closing cost assistance to buyers) is substantially lower than the twelve month average and median seller subsidy values. While one of the sales from the last quarter of 2019 did have a buyer asking for and receiving $7,275, the other was a sale where no closing cost help was given. Time will tell if the latter may be occurring more frequently.
Finally, days on market (also known as marketing time) reveals that the six month average marketing time has decreased by four days compared to the twelve month average marketing time. The six month median marketing time, however, is nearly twice as long as the twelve month median marketing time. Again, time will tell which is a trend and which was a fluke.
If you placed your semi-detached Braemar home on the market, priced to current conditions, you could expect it to be under contract in about a month. You could also expect to an average of less than 1% of the sales price in closing cost help.
The next Braemar Reflection Quarterly will be out in April. Until then, enjoy our transition into spring and know that if you want to hit the spring market with your Braemar home, NOW is the time. Give me a call for a free, in-depth marketing analysis and learn how my professional marketing gets my Braemar sellers top dollar in the shortest amount of time. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate