Braemar Piggyback Quarterly: January-March 2022 (1st Quarter)
It finally feels like spring. The weather is warming up. The sun is shining and the trees and flowers are coming back to life. It is a hard day to be inside typing up another Braemar market report, but my dedication to providing my fellow Braemar home owners information overrides my desire to enjoy some fun in the sun. In this edition of the Braemar Piggyback Quarterly, we look back to the first quarter of the year and what it meant for these back to back and side to side attached, two car garage townhouses in our neighborhood.
During the first three months of 2022, there were three Braemar Piggyback townhouses that sold. The details of those sales are listed below:
Quick observations of these sales show only one sold below list price, none gave closing cost help and they all sold quickly. When we combine these first quarter sales with the last three quarters from 2021 for an entire year’s worth of Braemar Piggyback townhouse sale data, the updated six and twelve month data points show us market trends to this point.
Starting in the sold price column we see both the six month average and median sold prices are substantially higher than their respective twelve month values. This means that Braemar Piggyback homes have continued to gain in value in the short term, despite sharp increases in mortgage interest rates in the first quarter.
Seller subsidy is where we learn how much closing cost help Braemar buyers were able to negotiate from their Piggyback townhouse sellers. The answer is very little. Only the six and twelve month average values even exist in small numbers as a result of one seller out of eleven in the past six months giving $4,000. Seller subsidy may make a come back as interest rates continue to go up, pinching affordability even more for buyers. Next quarter will reveal a lot more information on that front.
Days on market, or marketing time as I like to call it, is consistent in both six month values compared to the twelve month values. Braemar Piggyback townhouses are getting under contract quickly due to the continued high buyer demand.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also still expect to get away with not having to pay any seller subsidy, particularly if you hire a skilled listing agent. Hire buyer demand still exists, bringing multiple offers that strongly favor sellers.
The next Braemar Piggyback Quarterly will be out in July. Until then, if you want to investigate the sale of your Braemar home, get in touch with me for a confidential consultation. Waiting for the market to crash to make a move may have you waiting for years. Despite rising interest rates, buyer demand is strong and expected to stay that way. Having a full-time professional on your side is the only way to get the best results, no matter the market. Since 2005, No One Knows Braemar Better!