Braemar Piggyback Quarterly: July-September (3rd Quarter)

Braemar Piggyback Quarterly: July-September (3rd Quarter)

What a gorgeous fall day. The colors are really starting to pop in our neighborhood. The other thing popping, of course, is our local real estate market. Today I present to you the Braemar Piggyback Quarterly, covering activity from the third quarter. Piggyback townhouses in our neighborhood are characterized by lack of a back yard, as they are attached side-to-side and back-to-back. They also are the only townhouses in Braemar to have two car garages.

During the third quarter, there were four Braemar Piggyback townhouses that sold. Coincidentally, they all sold in the month of July. The details of those four sales are listed below:

While two of the sales were about $355,000, there was one a lot more and one that sold for a lot less. You can probably discern from the information provided that the high sale was the only end unit that sold. The low sale was only a two bedroom townhouse. Taking all of these sales and combining them with the previous three quarters to give us a complete twelve months’ worth of data, our six and twelve month data points are updated as reflected below:

Starting with the sold price column we see that the six month average sold price is a bit higher than than the twelve month average sold price. That’s a smidge more than a 1% gain in average value in the short term average. Meanwhile, the six month median is only $500 above the twelve month median sold price. Any direction upward is good.

The seller subsidy column is where we get to see how much closing cost help Braemar Piggyback townhouse sellers gave to buyers. Of course, in the four most recent sales, no Braemar Piggyback townhouse seller gave ANY closing cost help. However, the average seller subsidy, while lower in the six month value compared to the twelve month value, still shows that Braemar Piggyback sellers had been giving closing cost help in the second quarter and even earlier than that. The six month median and twelve month median seller subsidy values are identical at $5,000. That means that in both time periods, more than half the sellers gave closing cost. If our third quarter sales are any indication of what may be coming up in the fourth quarter, I may expect to see zero in the six month median at a minimum next report.

Days on market, or as I like to refer it–marketing time, was six days faster when comparing the six month average marketing time to the twelve month average marketing time. The six month median marketing time was only three days faster than the twelve month median. This means Braemar Piggyback townhomes are selling even faster.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect that it would be under contract in no more than a week or less than two weeks. You could also expect that if you needed to give seller subsidy, you may only have to give about 1.5% of the sales price.

The next Braemar Piggyback Quarterly will be out in January. Until then, if the need arises to sell your Breamar Piggyback townhouse, give me a call for a free market analysis. While any home can sell in our current market with low inventory and high demand, not every home gets top dollar. Top dollar is only achieved with top notch marketing, negotiation and appraisal preparation. If top dollar is important when you sell, I’m your gal. 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 Piggyback Quarterly: April-June 2019 (2nd Quarter)

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

This is the first Saturday I’ve had free since May.  The Birstow real estate market has been insanely busy.  Not just weekends either.  Every single day has been dominated by buyer tours, listing appointments, staging, inpsections, and settlements.  It’s nice to have a day to relax….which of course to me means putting out another Braemar Piggyback Quarterly.  As a Top Braemar Listing Agent, putting together market reports for our neighborhood is actually enjoyable for me.

This particular report does focus on sales of Braemar Piggyback townhouses during the second quarter of 2019.  Piggyback townhouses, in case you aren’t familiar, are the tgarage townhouses in Braemar that are attached at the back.  That means they have no back yard like traditional townhouses.  Of course, what they lack in back yard, they make up with generous bedroom sizes and the two car garages.

There were two Braemar Piggyback townhouses that sold between April and June.  The details of those sales are listed below.

Taking these two sales and combining them with the entirety of the previous twelve months of Piggyback townhouse sales, the six and twelve month data points change.  Here’s what they look like at this point in time:

Looking at the sold prices, we see the six month average is about 1% higher than the twelve month average.  Meanwhile, the six month median sold price is exactly the same as the twelve month median.  While Braemar Piggyback townhouses may have increased a tad in average sold price, the median sold price shows very stable values.

Seller subsidy (closing cost assistance to buyers) is super stable as well.  There is very little change between the six month average compared to the twelve month average.  The six month median and twelve month median are both zero.  In this low inventory/high demand market, many buyers are having to forego asking for closing cost help to be competitive.

Days on market is a tricky category to analyze since our new MLS calculates this value differently.  Since we changed to a new MLS in November, we are still comparing apples and oranges.  It won’t be until the first report in 2020 that we have a real comparison in marketing time from the short term to the long term.  This report indicates that the average marketing time has decreased slightly in the six month average compared to the twelve month average, but the median marketing time remains exactly the same.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in a little over forty days.  You could also expect that if you had a closing cost request from your buyer, it may be as little as 1% of the sales price.

The next Braemar Piggyback Quarterly will be out in October.  Until then, when the time comes to sell your Piggyback townhouse, 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