Braemar Property Value Report: July-August 2021 (Heritage Series)
Welcome to another edition of the Braemar Property Value Report. This particular report focuses on sales of Heritage Series homes in our neighborhood. Heritage homes are mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size. This edition looks back to the last two months of summer.
During the months of July and August there were nine Braemar Heritage homes that sold. Their sold prices ranged from $571,234 to $675,000. As you look through the total number of bedrooms, bathrooms and the basement finishes below, you will see a wide variety. This report sale three, three bedroom homes sold and three homes with unfinished basements sold. Both of those of those factors are not what we typically see in the Heritage home sales. The details of all nine are listed below:
Taking all nine sales and combining them with the entire past twelve months of Braemar Heritage home sales, the six and twelve month data points are updated as reflected below:
Looking at the sold column we see an average increase in value from twelve months to six months of 4%. The median increase in value from twelve months to six months is 5%. Summer certainly slowed the pace of our growth. Just last report, the average growth in six months was 8% and the median growth in six months was 11%. Though we are still in a seller’s market, the summer months saw a cooling off of the buyer frenzy as many focused on enjoying summer vacations. Meanwhile, more sellers jumped into the market. That meant fewer offers from buyers where sellers had been seeing a dozen or more earlier in the year. Nonetheless, growth is growth and buyers are still outnumbering sellers.
Seller subsidy is where we learn what buyers were able to negotiate from their Braemar Heritage home sellers. The answer overall is not much, if anything at all. Of the nine sales listed for this reporting period, one buyer got $300. All else received nothing. The six month average and twelve month average seller subsidy numbers are very low as well. The median seller subsidy for both time frames being at zero means that more than half of sellers gave nothing in closing cost help as buyers competed for homes.
Marketing time is as steady as it can be and still remains in the single digits they have been. A quick scan of the nine sales above reveals only one seller that took nearly three weeks to go under contract. It was a three bedroom Yardley with an unfinished basement. Definitely not the most sought after home in our neighborhood. And it was only one of two sales this report period that took less than list price.
The next Braemar Property Value Report will be out in November. At that time, we will have a great idea if the fall selling market lifted buyer demand again. I suspect it will. Our market enjoys a the majority of its workers being Federal employees, directly or indirectly. The Federal budget year starts fresh every October 1st. That means raises and more jobs. The year end market can be a powerful one for sure. If you are interested in hearing more about it, get in touch with me. Since 2005, No One Knows Braemar Better!