Braemar Property Value Report: September-October 2019 (Courtyard Series)

Braemar Property Value Report: September-October 2019 (Courtyard Series)

The holidays are approaching and we’ll be ringing in 2020 before we know it.  Predicting what will happen in our future real estate market involves an examination of what has happened in the more recent past.  Today I am here, yet again, to do exactly that with another Braemar Property Value Report.  This edition features sales of Braemar Courtyard homes during the months of September and October.  Braemar Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Ballston and Clarendon.

There was only one sale of a Braemar Courtyard home during this two month reporting period...not at all unusual being that Courtyard homes make up such a small percentage of the homes in Braemar.  The details of that sale are listed below.

Even though there was only one sale during our current reporting period, when combined with the entire last twelve months of Braemar Courtyard home sales, the updated six and twelve month value points are where we determine market trends.  Here are our updated average and median values.

Looking first at the sold price column, we see that both the six month average and six month median sold prices are both above their respective twelve month sold prices.  This means that the most recent sales still have Braemar Courtyard homes pushing up in value.

When it comes to seller subsidy (closing cost help to buyers,) what we find is that buyers in the more recent sales (last six months) are getting more in closing cost help than when we average out the entire twelve months of sales.  The only thing encouraging here is that the sale from this current reporting period gave nothing in closing cost help.  Hopefully that is a situation that repeats in upcoming Courtyard homes sales, reversing the increase in seller subsidy trend we are seeing here.

Finally, days on market shows stability in the six month median marketing time to the twelve month median marketing time.  Better news is that the six month average marketing time is less than twelve month average marketing time.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract within one to three weeks.  You could also expect to pay bout 2% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in January.  Until then, I wish you every happiness this holiday season.  And always, if the need arises for you to sell your Braemar home, don’t hesitate to give me a call.  No matter the season, I am here to get you the most money from the sale of your home.  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 Property Value Report: May-June 2019 (Courtyard Series)

Braemar Property Value Report: May-June 2019 (Courtyard Series)

It’s finally beginning to feel like summer.  Sure it has been sunny and hot, but that’s not what I mean about feeling like summer.  To this Top Braemar Listing Agent, feeling like summer means the real estate market starts to slow down a bit.  And sure enough, this is the first full week that I have not been booked day in and day out.  Summer vacation season is upon us, which means the real estate market may finally be taking a breath.  That’s fine.  It is just in time for me to roll out my Braemar Property Value Reports.

Today’s report focuses on sales activity of Braemar Courtyard Series homes in May and JuneIf you don’t know what defines a Braemar Courtyard home, they are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Ballston and Clarendon.

Between May and June, three Braemar Courtyard homes were sold.  By chance, all were Clarendon models with walk out basements.  Oddly, if you take a look at the sales below, the one with the fewest bedrooms sold for the highest price.  But with such a tight grouping of final sold prices, I think the walk out basements had more to do with those prices.

When these three sales are combined with the entirety of the last twelve months of Braemar Courtyard home sales, we get updated six and twelve month data points.  Let’s take a look.

Our first data point, sold price, shows good a good trend.  Both the six month average and six month median sold prices are above their respective twelve month sold prices.  That means Braemar Courtyard homes are continuing to gain value.

Seller subsidy, a.k.a. closing cost help to buyers, reveals a trend that is not as great.  Both the six month seller subsidy values are more than their twelve month counterparts.  That means buyers are asking for, and getting, more closing cost help lately.

Finally, we come to days on market.  With the change to our new MLS in November 2018, we began getting two different ways of counting days on market depending on which contract status you chose.  In our previous MLS, no matter what contract status you chose, days on market stopped counting.  Until we get to January 2020, we won’t have an apples to apples comparison.  As it stands with the data above, the six month average days on market is shorter than the twelve month days on market.  Meanwhile the six month median days on market is longer (by one day only) than the twelve month median days on market.  My greatest hope is our new MLS will eventually adopt the same days on market counter as our last MLS.  For now, we have to deal with the data we have.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement within four to five weeks.  You could also expect to give at least a little more than 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in September.  Until then, give me a call when the time for the sale of your Braemar home is nearing.  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