Braemar Condo Quarterly: January-March 2020 (1st Quarter)
Hope all of you have been weathering the shelter-in-place with calm and confidence. It’s crazy how quickly our societal norms changed when the threat of the pandemic arrived. Of course, it will take some time to see how the surroundings shut downs are going to affect our real estate market. These market reports that I do are based on looking backward. Today’s report, The Braemar Condo Quarterly, covers the first quarter of condo sales in our neighborhood.
There was only one Braemar condo that sold during the first quarter. Here are the details of that sale:
One sale alone isn’t enough to interpret anything. That is why it is combined with the previous three quarters of Braemar condo sales, going back to the second quarter of 2019, and pulling six and twelve month data points,which are reflected below.
Looking first at the sold price column, we see that the six month average sold price is slightly higher than the twelve month average sold price. However, the six month median sold price is slightly below the twelve month median. With the current sale at $312,000, above all of those values, it is safe to say that our Braemar condo values are remaining stable. They may even continue to increase, as they have been doing.
The seller subsidy column tells us how much closing cost assistance sellers are giving to buyers. Mind you, these are usually never offerings at the outset, but part of offer negotiation. The six month average and six month median seller subsidy figures are both higher than their respective twelve month values. This means that buyers have been requesting, and receiving, more closing cost help in the more recent sales. Just looking to the one that closed in February above and we see even THAT seller subsidy figure is higher than our six month values. Increased closing cost help is often a side effect of rising sales prices. Buyers need more money for down payment and reserves, and thus, need seller subsidy to make the deals work.
Finally, we get to the days on market column, which I refer to as marketing time. Both the six month average and median marketing times are higher than their twelve month counterparts. Don’t be disheartened. Take a look at our most recent sale, which was under contract in three days. We’ve still been seeing Braemar properties selling quickly when priced correctly and marketed professionally.
If you placed your Braemar condo on the market, priced to current conditions, you could expect that it may take as long as one month to go under contract, but more likely much less time than that. You could also expect to give about 2% of the sales prices in closing cost help.
The next Braemar Condo Quarterly will be out in July. By then, we will see whatever impact, if any, the pandemic related shelter-in-place and shut downs, have had on our market. For now, you can still list your home, or buy one. We are working within CDC guidelines, which has changed how many people can be at a showing, procedures for showing homes, etc.
Until July, if you are in a position where you find the sale of your Braemar condo necessary, never fear. I can get this done for you safely and professionally while achieving maximum market value for you. Give me a call and let’s talk. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker-Licensed in VA
Long & Foster Real Estate