Braemar Townhouse Report: May-June 2019

Braemar Townhouse Report: May-June 2019

BWelcome to the Braemar Townhouse Report!  This is the last of the Braemar Property Value Reports that I compile to keep Braemar home owners up to date on what is happening in our real estate market.  This particular report covers the sale of traditional townhouses in Braemar that are NOT condos, have three levels and a back yard.

There were eighteen townhouses in Braemar that sold between the beginning of May and end of June.  Final sold prices ranged from $270,000 to $385,000.  The details of those sales are listed below in chronological order.

Adding these eighteen sales with the previous twelve months worth of Braemar townhouse sales, our six and twelve month data points are updated as you see below.

Starting with the sold price column, we immediately see a great trend.  The six month average and six month median sold prices are both above their respective twelve month data points.  That means Braemar townhouses are still pushing up in value.

Seller subsidy, a.k.a. closing cost help to buyers, shows another trend favorable to Braemar townhouse sellers.  Both the six month average and median seller subsidy amounts are lower than their twelve month counterparts.  This means buyers are asking for less closing cost in this competitive market when demand is high and inventory is low.

Days on market, or what I call marketing time, is an unreliable category since the change to our new MLS in November 2018.  Our previous MLS stopped counting days on market no matter what contract status a listing agent chose for a listing.  It truly told us how long it took to go under contract.  Our new MLS has two different contract statuses and each one stops counting days on market at a different point.  One when a property goes under contract, another when the buyer’s contingencies have been removed.  If we took these numbers at face value, it seems that the six month average marketing time is a little longer than it has been in the longer term, twevle month average.  The six month median marketing time is only one day longer than the twelve month median marketing time.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement within two to four weeks.  You could also expect to pay out about 1% of the sales price in closing cost help.

The next Braemar Townhouse Report will be out in September.   Until then, when the time comes to sell your Braemar townhouse, call me for the best results.  Selling Braemar homes for top dollar is my specialty.  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

 

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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

 

 

 

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

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

Having been out and about with Bristow buyers for the last week, I can sincerely say that sitting inside and type a market report at my desk, enjoying the air conditioning, is a real treat.  It has been down right swampy feeling around here lately.  If you do happen to be out, I hope you are at least enjoying our Braemar pools.

The second quarter of 2019 is most certainly behind us, making it time for another Braemar Condo Quarterly report.  This particular edition is looking back to the sales of condos in Braemar between the months of April and June.  During that time period, there were six Braemar condos that sold, ranging in price from $260,000 to $319,000.  The details of those sales are listed below.

 

One detail that is not listed above is the fact that the lowest dollar value sale above at $260,000 was a bank owned property, more commonly known as a foreclosure.  However, even with that one sale, it seems values of Braemar condos are up in the short term.  Here’s a break out of six month average and median values compared to twelve month average and median values.

The six month average sold price is above its twelve month average counterpart, and the six month median sold price is above its twelve month median counterpart.  This means that values of Braemar condos are going up!

Looking at the seller subsidy (closing cost assistance from seller to buyer) column, we see a downward trend in the short term. Both the six month average and median values in this category are below their twelve month counterparts.  This means sellers are having to give less in closing cost help as our market has so many buyers competing for properties.

Finally, days on market seems fairly stable.  The six month average is only three days longer than the twelve month average.  The six month median is only one day longer than the twelve month median.  And until we get one entire year’s worth of data with the new method of counting days on market, this comparison means little to nothing anyway.  Our January 2020 report will be the first one with one year’s worth of days on market data from our new MLS.

The next Braemar Condo Quarterly will be out in October.  Until then, when it is time to sell your Braemar condo, 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

 

Braemar Townhouse Report: March-April 2019

Braemar Townhouse Report: March-April 2019

It is hard to believe that May is nearly over, school is almost out and summer is upon us.  While we enjoy our sunny summer days, it is time for the latest edition of the Braemar Townhouse Report.  This one features traditional townhouse sales in Braemar during the spring months of March and April.

There were nine Braemar townhouses that sold during our current reporting period.  Oddly enough, there were all one car garage townhouses.  That hasn’t happened that I can recall in the time I’ve been putting these reports since 2005.  The details of those sales are listed below:

Taking these nine sales and combining them with the entire last twelve months of Braemar townhouse sales, our updated six and twelve month data points are as follows:

Let’s start by taking a look at the category that interests all Braemar townhouse owners the most:  sold price.   Even though all but one or two of the nine current sales are above the six month average and median values, the six month value markers have both fallen below their respective twelve month value markers.  Given the aforementioned sold prices from March and April, this is likely a hiccup and nothing to indicate falling values. Time will tell when the next Braemar Townhouse Report is published in July.

Seller subsidy, also known as closing cost assistance to buyers, is largely unchanged when looking at the six month values compared to their twelve month counterparts.  Clearly, the majority of Braemar townhouse buyers are expecting some amount of closing cost help.

Finally we come to days on market, or marketing time as I like to call it.  Here we see a definite increase when comparing the six month average to the twelve month average, and also when we compare the six month median with the twelve month median.  If we hadn’t changed MLS systems in November, which calculates days on market differently, this would concern me.  It doesn’t right now.  And when we sit down to look at the Braemar market when you are ready to sell your townhouse, one thing I do is manually calculate how long it takes homes to go under contract.  Until the MLS days on market is a reliable value, that’s what any Top Braemar Listing Agent should be doing.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about one month.  You could also expect to give about 1.5% of the sales price in seller subsidy.

As noted above, the next Braemar Townhouse Report will be out in July.  Until then, if the need or want arises for your to sell your townhouse, give me a call for the most accurate market analysis of your home’s value in the current Braemar marketplace.  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 Townhouse Report: January-February 2019

Braemar Townhouse Report: January-February 2019

It is time for another Braemar Townhouse Report.  This particular edition features sales of traditional townhouses in Braemar during the months of January and February.

There were four Braemar townhouses that sold during the first two months of the year.  Final sold prices ranged from $318,000 to $345,000.  Details of the sales are listed below.

Taking these four sales and combining with the previous year’s worth of Braemar townhouse sales, new six and twelve month data points come to light.  Here’s what we have now:

Let’s start examining the sold price data. Both the six month average and median are notably below their twelve month counterparts.  This would be an indication that, in the more recent past, Braemar townhouses have been decreasing in value.  However, all but one of the four most recent sales are above the six month average and median sold prices.  The same doesn’t hold true across the board when we take the three highest Braemar townhouse sales reported for January and February and compare them with the twelve month average and median.  Only one of those most recent sales is higher than the twelve month median sold price.  Three are still above the twelve month average though.  While indicators are there that townhouse prices might be softening, we need more reports to see for sure if this is a blip or trend.

Seller subsidy is definitely on the rise.  Both the six month average and median seller subsidy values are greater than the twelve month seller subsidy values.  This means Braemar townhouse sellers are giving more closing cost assistance in the most recent sales to their buyers.

Comparing six month average and median days on market to the twelve month counterparts, we see a spike in average and median marketing times compared to the twelve month values.  Don’t panic.  In November we switched to a new MLS system that stops counting days on market at a much different point, which is well into the transaction.  It is no longer when your townhouse goes under contract.  It will be a full year’s worth of data before we have an apples to apples comparison here if the new MLS does not change their marketing count method.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about a month.  You could also expect to give about 1.5% of the sales price in closing cost help to your buyer.

The next Braemar Townhouse Report will be out in late May.  Until then, when the sale of your Braemar townhouse looks like it is approaching, give me a call and we’ll start with a free market analysis of your home’s value in the current market.  From there, we’ll develop the best strategy to meet your home sale timeline and goals.  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 Townhouse Report: September-October 2018

Braemar Townhouse Report: September-October 2018

Bringing up the rear in this round of Braemar Property Value Reports is the Braemar Townhouse Report.  My self-imposed deadline for getting each report online is the last day of the month, following the second month in the reporting period.  So today is my deadline.  Whew!

This Braemar Townhouse Report focuses on sales of traditional three level townhouses with a backyard in Braemar for the months of September and October.  During that period, there were eight townhouse sales in Braemar.  Sold prices ranged from $275,000 to 365,500.  The details of those sales can be found below:

Taking these most recent sales and updating the last year’s worth of sales data of Braemar townhouses with them, we get new six and twelve month data points to look over.  Here’s what we find:

Every Braemar townhouse owner’s first interest is naturally going to be the sold prices.  The good news is that, even though it is by just a little, the six month average and median sold prices are both above the twelve month average and median sold prices.  Braemar townhouse values are still inching up.

When it comes to seller subsidy (closing cost assistance to buyers), the six month average and median numbers show an increase over the twelve month average and median values.  This means Braemar townhouse owners are giving more money in closing cost help.

Days on market, oddly enough, is unchanged whether you look at the average or median values from twelve months to six months.  Selling a Braemar townhouse is not taking any longer, or happening any faster.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it be under contract in a little over a month.  You could also expect to give nearly 1.5% of the sales price in closing cost help.

The next Braemar Townhouse Report will be out in January.  Until then, if you would like to begin receiving this report emailed directly to you, send me an email at ChrisAnn@LNF.com.  All I need is your property address and email address where you would like the report delivered.

Before the next report, if you find yourself needing to sell, give me a call for a free market analysis.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com