With the summer behind us, we get a chance to look back at condo sales in Braemar in this edition of the Braemar Condo Quarterly. This is a look back at Braemar condo sales during the past three months to determine average sales price and other market factors. This is also a great tool to set expectations of Braemar Condo Buyers and Sellers.
The third quarter of 2010 showed triple the activity that the second quarter did. There was three condo resales in Braemar from July to September. Those sales represented a combination of garage condos and condos without garages.
There was a slight decrease in the average sales price since last quarter... $3,000 to be exact. Meanwhile, high sales price has increased by $4,000 and the low sales price decreased by over $10,000. It is very encouraging to see the average seller subsidy down by nearly $5,000. Even more encouraging that the average marketing time for a Braemar condo decreased by 57 days.
At the time of this report, there are three active Braemar condo listings on the market. There are also two under contract. These represent a variety of Foreclosures, Short Sales and Regular Sales.
A Braemar condo Buyer may experience problems in getting their loan approved. The delinquency rate in the Braemar Condo Association has been tripping above the limits of FHA and some Conventional loans. In general, condo associations throughout Prince William County are havnig the same issue as more home owners become delinquent when paying their dues.
If a Braemar condo seller placed their home on the market today, and priced it to current market conditions, this report indicates that they could expect to have their home under contract in less than two weeks and that their buyer may ask for an average of about 1/2% of the sales price in closing cost help.
If you are thinking of buying or selling a Braemar condo, give me a call. No one knows Braemar better!
And until next report, get out there and enjoy Fall. Braemar will be hosting it's Annual Halloween Spooktacular on Saturday, October 30th. Click the link provided for more details.
Chris Ann Cleland, Realtor, Licensed in VA, Long & Foster
703-402-0037, chrisann@LNF.com
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