Braemar Property Value Report: March-April 2023 (Ryan Homes)
It is time for another Braemar Property Value Report, focusing on the sale of houses built by Ryan Homes in our neighborhood. This particular edition looks back at the resales from March and April. Let’s get right to it.
During our current reporting period, there were two Ryan homes that sold in Braemar. Having one sale with the severe inventory shortage we have been facing would have been cause for celebration. Having two sales feels like a miracle. The details of those sales are listed below.
What I love seeing is that both sales sold above ltheir list prices, gave no seller subsidy (closing cost help to buyer) and were under contract in only five days each. In our last report, the only sale of a Ryan home in the neighborhood took thirty-seven days to sell and sold below list price. That home backed to the power transmission lines on Ballagan Court. A location like that is always impacted by the factor of backing to power lines, no matter what type of market we are in.
Taking these two most recent Ryan home sales and combining them with all the Ryan home sales in Braemar dating back to May 2022, the six and twelve month data points followed in this report are updated as seen below.
You don’t know this yet, but based on every other report I have done in the March and April 2023 reporting time frame, this report is showing some good signs. For starters, both six month sold prices are above their respective twelve month values. Some reports are still showing twelve month sold prices above six month sold prices in their median and average subsets, which indicates softening values. While this was the case with Ryan homes last report, it is not the case now. Ryan home values are healthy!
Seller subsidy shows the identical amount in the twelve month average as we saw last report. The six month average has decreased since last report. Better news still is that both the six and twelve month median seller subsidy values remain at zero. That means more than half of Ryan home sellers in Braemar gave none in both time frames. The fact that seller subsidy has yet to creep into the six month median value in this Ryan home report is impressive. Another mark of good overall health for Ryan homes.
Days on market has most noticeably improved in the six month median value compared to what we saw last report. That’s due in no small part to the two sales that happened this reporting period. Otherwise, marketing times in the other data points have remained virtually the same.
If you placed your Ryan home on the market, priced to current conditions, you could expect to be under contract in a matter of a week or two. You could also minimize any closing cost requests, and increase the odds of getting multiple offers, by making sure your home is properly priced, well prepared inside and out and that is is professionally marketed. These are the things I counsel all of my Braemar sellers about. You don’t get a second chance to make a first impression. Making sure your first impression creates buyer enthusiasm is a must.
The next Braemar Property Value Report will be out in July. Between now and then I do hope you get to enjoy some quality fun in the sun time. Summer vacation is something we aspire to all year. Naturally, if the need to sell your home arises, or you just want to get a jump on preparing your home for a future sale, get in touch for your no obligation consultation. It is my pleasure to get my Braemar seller clients the top of the market. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
*The image of the house above is Copyrighted by HomeVisit and used with their permission.