Braemar Property Value Report: July-August 2018 (Carriage Series)


Braemar Property Value Report: July-August 2018 (Carriage Series)

If you had to guess how many properties there are for sale in Braemar right now, what would you say?  This would include all property types (townhouses, single family homes, condos, etc.)  And it would only be the ones that aren’t under contract.  The answer is twenty-three, and two of those are Braemar Carriage homes.  Twenty three homes is about as much as I have seen on the market at one time in Braemar this year.  Could it be that demand is winding down?  Well, I doubt that’s the case for Braemar Carriage homes, but in this edition of the Braemar Property Value Report, we will take a look at the sales from July and August and see where trends are heading.  And if you aren’t familiar with what a Braemar Carriage home is, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were four Braemar Carriage homes that sold between the beginning of July and end of August.  Sold prices ranged from $400,000 to $419,900.  Details of each sale are listed below:

Don’t be alarmed by the sold price range.  As you can see above, three out of four of these homes were three bedroom homes, and the smallest Braemar Carriage home floor plan available to boot–the Maplewood.  When we take these four sales and update our rolling twelve month store of Braemar Carriage home sales data, here is what we find:

When we look at the six month average and median values compared to their twelve month counterparts, what we want to see in the six month values is increases in sold prices, and decreases in seller subsidy (closing cost assistance sellers gave to buyers) and days on market (marketing time.) Let’s start with the sold prices.  The six month average and median sold prices are above their twelve month counterparts.  That’s a great start.  It indicates that Braemar Carriage home values are still pushing upward.

When we move to look at seller subsidy, we see that the six month average is slightly below the twelve month average.  However, the six month median is higher than the twelve month median.  These value trends are opposed to one another, but I think it is safe to say that seller subsidy is marching up.  That median value is a true look at the middle value in all the solds, while the average is just that, an average.

We get back to good news when we see that both the six month average and median days on marketing is lower than the twelve month values.  So while Braemar Carriage home sellers may be giving a bit more in closing cost assistance, they are selling for more and selling a tad faster in the short term.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect your home to be under contract in just under a week or two.  You could also expect to pay an average of about 1% of the sales price in seller subsidy.  All in in all not bad when you consider that buyers can receive 3% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in November.  Until then, when you get the thought that the time may be approaching to sell your Braemar home, give me a call.  It’s never too early to start speaking with this Top Braemar Listing Agent.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®