Braemar Property Value Report: May-June 2019 (NV Homes)
Another sunny, hot and humid day is upon in Braemar. What a perfect weekend day to enjoy our community pools. No doubt it will be filled with families today. This Top Braemar Real Estate Agent will stay in her air conditioned home office and plug away on what remains of her Braemar Property Value Reports. This particular report focuses on the sales of single family homes built by NV Homes in our neighborhood during the months of May and June. Let’s get right to it.
There were three NV Homes in Braemar that sold in the last two months. Their sold prices ranged from $518,000 to $600,000. Pretty big range. As you will see from the detailed break out of those sales below, the lower end was a home with a finished basement with no exit. What you don’t see in that detail sheet below was that the property on Island Fog was a Short Sale. That meant a very patient buyer was needed to wait for Short Sale Approval. The pain-in-the-butt factor for that process definitely knocked some money off that bottom line. The other two seem to show a difference in what a finished basement with a walk out exit vs. an unfinished basement with no exit gets in the marketplace.
Taking these most recent sales and combining them with the entire last twelve months of NV Home sales, we get updated six and twelve month data points, which are pictured below.
To begin with, we see a favorable trend for NV Home owners in Braemar when it comes to sold price. Both the six month average and six month median sold prices are above their respective twelve month data points. This means that NV Homes in Braemar are still pushing up in value in the short term.
Seller subsidy, unfortunately is showing a trend in the short term that is not favoring Braemar NV Home sellers. Bot the six month average and median seller subsidy values are well above their twelve month counterparts. This means that Braemar buyers have been asking for, and receiving, more closing cost help from sellers. Of course, looking to the most recent sales, the home on Arthur Graves Jr. could be the sole reason for these numbers being inflated in the short term. That $20,000 in closing cost help sticks out like a sore thumb.
When it comes to days on market, which I like to refer to as marketing time, it seems that despite the increase I expected to see in comparing values longer term values from our old MLS, (which went out of service in November 2018,) to the new MLS which took over, we see a decrease in the six month average and median marketing times compared to the twelve month average and median marketing times.
If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You could also expect to give about 2% of the sales price in closing cost help, possibly less.
The next Braemar Property Value Report will be out in September. Until then, give me a call when you are ready to feel out the market for the sale of your Braemar home. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate