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