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Brambleton, VA 2008 Quarter 1 Real Estate Summary (Resales Only)

By
Real Estate Agent with Keller Williams Realty
Introduction

So you want to know how Brambleton market is really doing? Well, you came to the right place. My goal is to make Brambleton real estate data relevant to the residents of this great community and to those considering purchasing here. If you own a Miller & Smith townhouse, you probably care more about recent Miller & Smith townhouse sales more than recent Centex sales. Comparing apples to apples helps us better understand what the market is doing. Every quarter, I'll be posting quarterly summary comparing the recent quarter from a year ago. I won't be doing monthly summaries any more since there's not enough data to draw firm conclusions . I'll be posting weekly updates by Tuesday morning so come back for the most detailed and relevant real estate information for Brambleton, VA real estate. To make it easier to remember and share my blogs, I registered http://www.brambletonblog.com/. You can always send the link to my website as well. I hope you find this blog useful in helping you understand what the market is doing. Feel free to email me with any questions.


Quick Summary

Number of Resale Homes Sold in 2007 Q1: 22
Number of Resale Homes Sold in 2008 Q1: 25
Change: 13.6% increase

Average List Price in 2007 Q1: $529,603.50
Average List Price in 2008 Q1: $464,659.20
Change: 12.3% decrease

Average Net Price (Sold Price - Subsidy) in 2007 Q1: $507,766.05
Average Net Price (Sold Price - Subsidy) in 2008 Q1: $446,502.29
Change: 12.1% decrease

Average DOMP in 2007 Q1: 138.3
Average DOMP in 2008 Q1: 86.2
Change: 36.5% decrease

Number of Short Sale Resales in 2007 Q1: 0
Number of Short Sale Resales in 2008 Q1: 3

*Short sale is when the mortgage balance is more than the value of the home. Seller negotiate with the lien holder(s) to take the offer at hand.

Number of Foreclosure Resales in 2007 Q1: 0
Number of Foreclosure Resales 2008 Q1: 11

*Some foreclosures probably are not listed in MLS but most are. Some may be sold at auctions.

Percentage of Short Sale Resales in 2008 Q1: 12%
Percentage of Foreclosure Resales in 2008 Q1: 44%
Total Distressed Resales in 2008 Q1: 64%

Click here to view all sales in 2007 Q1 and 2008 Q1 in spread sheet format.
Click here to download all sales in 2007 Q1 and 2008 Q1 in PDF file with photos. 1 page summary, 7 pages of 2008 Q1 resales and 6 pages of 2007 Q1 resales.

Same Model Comparison (Model, Year: Sold Price - Seller Subsidy = Net Price)

Condos

Como 2007: $230,000 - $4,000 = $226,000
Como 2007: $245,000 - $7,350 = $237,650
Como 2008: $205,000 - $2,000 = $203,000

Napoli 2007: $265,000 - $2,000 = $263,000
Napoli 2008: $205,000 - $5,000 = $200,000
Napoli 2008: $249,900 - $6,500 = $243,400
Napoli 2008: $245,000 - $0 = $245,000

Verona 2007: $318,000 - $0 = $318,000
Verona 2008: $258,000 - $0 = $258,000

Townhouses

Centex Middleton 2007: $383,000 - $13,000 = $370,000
Centex Middleton 2008: $355,000 - $10,000 = $345,000

Centex Courtland 2007: $438,000 - $5,000 = $435,000
Centex Courtland 2008: $325,100 - $0 = $325,100
Centex Courtland 2008: $386,000 - $0 = $386,000

Miller & Smith Merlin 2007: $415,000 - $0 = $415,000
Miller & Smith Merlin 2008: $395,000 - $10,000 = $385,000

Beazer Chancery 2007: $474,500 - $10,000 = $464,500
Beazer Chancery 2008: $417,500 - $0 = $417,500

Single Families

*Single families are harder to compare because of many variations such as finished basement, bump outs, bonus rooms, optional bathroom, deck, etc..

Stanley Martin Elden II 2007: $640,000 - $7,500 = $632,500
Stanley Martin Elden III 2008: $517,000 - $12,000 = $505,000
Stanley Martin Elden III 2008: $525,000 - $0 = $525,000

Beazer Ashley 2007: $650,000 - $0 = $650,000
Beazer Ashley 2008: $570,000 - $0 = $570,000

Conclusion

Generally, the prices have fallen and homes are selling faster. There are many buyers out there but the price has to be attractive. There are 2 main factors that determine how fast and how much money you get for your home: condition and price. An experience agent should be able to guide you in this process. This would be another separate blog so I'll just leave it at that. Email me if you want me to send you some graphs and illustrations to help you understand this point.

Distressed sales are dominating the market with close to 2/3 of resales being either short sale or foreclosure. Couple foreclosures sold for above list price. Typically multiple offers translates into homes selling closer to listing price and in some cases above listing price. One of my listings (non-distressed sale) received multiple offers. It was a total flashback to Spring of 2005 when I saw the escalation clause. I expect majority of resales to be distressed sales for the rest of 2008.

Many buyers are opting for new construction. This is no surprise since builders are very aggressive with incentives. I expect a VERY active market. Currently, our team has over dozen listings. Contract talks abound everywhere. I'm excited for this quarter and I will keep you posted with what's going on. I hope you found this entry helpful.

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