Braemar Condo Quarterly: July-September 2019 (3rd Quarter)

Braemar Condo Quarterly: July-September 2019 (3rd Quarter)

The fourth quarter of the year is upon us, bringing us brilliant fall colors and chilly temperatures to Bristow.  Of course, with the third quarter behind us, we can look back and track some Braemar property values.  This report, the Braemar Condo Quarterly, looks at sales of the townhouse style condos in our neighborhood.  Those condos are located on Caithness, Moxleys Ford, Lord Lovat and Heykens.

During the third quarter, which encompasses the months of July, August and September. there were two Braemar condos that sold.  Details of those sales are listed below:

Taking these two sales and combining them with the previous three quarters worth of sales, we have one year’s worth of Braemar condo sales.  From that, we get updated six and twelve month data points, which are as follows:

Starting with sold price, it is good to see that both the six month average and six month median sold prices are higher than their twelve month respective values.  This means that Braemar condos are still pushing up in value.

Seller subsidy, also known as closing cost assistance to buyers, saw an increase in the six month values compared to their twelve month counterparts.  This is not a great trend for sellers, but it could be a lot worse.  Buyers can ask for 3% or more of the sales price in seller subsidy when presenting their offer.   What we see here in the six month values, buyers are asking for about 1.5% of the sales price in closing cost help.  Lack of inventory to meet buyer demand has kept buyers making the most competitive offers they can.

Finally, days on market reveals conflicting information.  The six month average marketing time is two days longer than the twelve month average marketing time.  Not a drastic increase at all, but an increase in marketing time nonetheless.  Meanwhile, the six month median marketing time is three days shorter than the twelve month median marketing time.  Three days shorter in one statistic, two days longer in another.  I am happy to call this even and proclaim that marketing time is largely unchanged.

If you placed your Braemar condo on the market, priced to current market conditions, you could expect it to be under contract in as little as a few days, or as long as nearly three weeks.  You could also expect to give about 1.5% of the sales price in closing cost help to your buyer.

The next Braemar Condo Quarterly will be out in January.  Until then, if a move is in your future, give me a call for the most accurate information on our market and your home’s value. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Braemar Condo Quarterly: April-June 2019 (2nd Quarter)

Braemar Condo Quarterly: April-June 2019 (2nd Quarter)

Having been out and about with Bristow buyers for the last week, I can sincerely say that sitting inside and type a market report at my desk, enjoying the air conditioning, is a real treat.  It has been down right swampy feeling around here lately.  If you do happen to be out, I hope you are at least enjoying our Braemar pools.

The second quarter of 2019 is most certainly behind us, making it time for another Braemar Condo Quarterly report.  This particular edition is looking back to the sales of condos in Braemar between the months of April and June.  During that time period, there were six Braemar condos that sold, ranging in price from $260,000 to $319,000.  The details of those sales are listed below.

 

One detail that is not listed above is the fact that the lowest dollar value sale above at $260,000 was a bank owned property, more commonly known as a foreclosure.  However, even with that one sale, it seems values of Braemar condos are up in the short term.  Here’s a break out of six month average and median values compared to twelve month average and median values.

The six month average sold price is above its twelve month average counterpart, and the six month median sold price is above its twelve month median counterpart.  This means that values of Braemar condos are going up!

Looking at the seller subsidy (closing cost assistance from seller to buyer) column, we see a downward trend in the short term. Both the six month average and median values in this category are below their twelve month counterparts.  This means sellers are having to give less in closing cost help as our market has so many buyers competing for properties.

Finally, days on market seems fairly stable.  The six month average is only three days longer than the twelve month average.  The six month median is only one day longer than the twelve month median.  And until we get one entire year’s worth of data with the new method of counting days on market, this comparison means little to nothing anyway.  Our January 2020 report will be the first one with one year’s worth of days on market data from our new MLS.

The next Braemar Condo Quarterly will be out in October.  Until then, when it is time to sell your Braemar condo, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Braemar Condo Quarterly: October-December 2018 (4th Quarter)

Braemar Condo Quarterly: October-December 2018 (4th Quarter)

While I am nestled safe and sound in my own Braemar home, snow accumulating outside in our first 2019 snow event, I might as well share one of my Braemar market reports.  This month all types of homes are due for updated reports, but since the homes featured in the quarterly reports only get updates four times a year, I thought I would start there. The first in the Braemar quarterly reports, which is this one, focuses on the sales of Braemar condos, also known as the Barrhill at Inverness Village Condos.

There were two condos in Braemar that sold in the fourth quarter of 2019.  They were both two bedrooms with one full bathroom and one half bathroom.  They each also had a garage.  There were some differences in final sold prices, one being $264,000 and the other being $272,000.  Details on the sales are below:

Taking these two sales and including them in the last year’s worth of Braemar condo sales, the numbers I like to see are the six and twelve month sold price, seller subsidy and DOM, or marketing time.  That last number is going to be off with the change to the Bright MLS that our area has undergone.  Our previous MLS stopped counting days on the market as soon as you went under contract.  Not Bright.  Bright only stops counting days on market when all the contingencies to the contract have been removed.   That change to the new MLS happened in November.  Let’s see how it affected our six month values compared to the twelve month values.

Given the explanation above, let’s look at the marketing time comparisons first.  I am not surprised to see higher days on market in the six month average and median values compared to the twelve month values.  We’ll only have the best idea of marketing time when we have ALL of our data coming from Bright MLS.  That won’t be until the first quarter of 2020’s report.

The sold prices in the six month average and media are both above the twelve month values.  This is great news.  Values are increasing.

Seller subsidy (closing cost assistance to buyers) has gone up in the six month average compared to the twelve month average, and is the same in the six month and twelve month median.  This means sellers have been giving a bit more in closing cost help more recently.

If you placed your Braemar condo on the market, priced to current conditions, you could expect to have a contract with all the contingencies removed within about forty days.  You could also expect to give about 1.5% of the sales price in closing cost help.

Stay safe during this snow storm.  If you don’t need to go out, don’t.  If you get bored and want to talk real estate,as your Braemar Real Estate Resource, I’m here to lend my expertise.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Condo Quarterly: April-June 2018 (2nd Quarter)

Braemar Condo Quarterly: April-June 2018 (2nd Quarter)

Pardon me for not getting on this earlier, but the 4th of July holiday being in the middle of the week made things a little crazy.  Typically, there isn’t a lot happening in the month of July in our local real estate market.  However, this month started out with a flash of activity.  It has left this Top Braemar Real Estate Agent feeling a bit confused as to what day it is.  Never a good feeling when it seems you have two Mondays in one week.

Enough of that!  Let’s get  to this edition of the Braemar Condo Quarterly, which covers condos in Braemar sold between April and June.  There were two Braemar condos that sold in the second quarter.  The details of those sales are below:

When we take these sales and combine them with our rolling twelve month collection of Braemar condo sales, here’s what we see in our six and twelve month data points:

While there is not much notable difference between the six month to twelve month sold prices and marketing time, there is a nice drop in seller subsidy from the twelve month average and median values to the six month average and median values.  That means more sales are happening in the short term with buyers requesting, or accepting, less money in closing cost assistance from sellers.  Good news for sellers!  Of course, that seller subsidy shrinking is typical in a seller’s market.  And judging from the days on market numbers being less than a week across the six and twelve month data points, we are most certainly in a seller’s market when it comes to Braemar condos.

What’s better to see is that the two most recent sales have sold prices above the six month median and average values.  If that continues in the third quarter we will see an increase reflected in the six month average and median sold prices compared to the twelve month average and median values.  That would mean Braemar condo prices are increasing.  As it stands, this report still shows longer term stable value.

If you placed your Braemar condo on the market, priced to current conditions, this report sets the expectation that your condo would be under contract in less than a week.  You could also reasonably expect that you would pay no more than one percent of the sales price in closing cost assistance to the buyer.

The next Braemar Condo Quarterly will be out in October.  Until then, if you want to know what your Braemar condo may pull in market value, give me a call.  Since 2005, No One Knows Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com