Another two months of home sales in Braemar is giving us the opportunity to reflect on property values in the neighborhood.  This particular post will focus on the Carriage Series homes.  That includes the following models:  Maplewood, Norwood, Oakdale & Parkdale.  They are the detached garage homes built by Brookfield in Braemar.

As the market has declined, the Carriage Series homes have been in consistent demand by buyers.  These smaller single family homes are a great alternative for first time home buyers that may otherwise buy a townhouse.  The average sale price this report, after two resales in the past two months, is now $270,500.  That's a slight decrease from $274,483 last report (January-February 2009). 

The average closing cost contribution was $8,619 this report, virtually the same as last report's $8,581.  And the number of days it takes to sell a Carriage Series home has increased to 189 days from 58 days last report.  I don't find this a reliable figure as one of the properties sold after 374 days and the other sold in 3 days.  The 3 day period is far more likely for a home in move in condition.  

When looking back to average sale price one year ago, it is too easy to be discouraged.  We've gone from $333,725to $270,500.  That's an 19% drop in value. Meanwhile, our county has seen an overall decrease in average sales price, in the last twelve months, of 27%.   So maybe that 19% twelve month price drop doesn't sound so bad to you now.

You can see historical average sale prices in the Carraige Series homes by logging on to my website:  www.nvarealestate.net.   Simply click the link to the left for Braemar Property Value Report Online.  Scroll down to the Carriage Series.  You'll find average sale prices dating back to May and June 2005.  It will look like this:

I prepare the Braemar Property Value Report in a hard copy format every other month.  If you'd like to receive it in the mail, please contact me.  In the meantime, if you need to sell your Braemar home, or know someone that is looking to buy in our community, please don't hesitate to call.  No one knows Braemar better!

Chris Ann Cleland, Long & Foster, Realtor (licensed in VA), GRI, Short Sale Specialist

703-402-0037, chrisann@lnf.com