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!
Associate Broker-Licensed in VA
Long & Foster Real Estate