Another two months of home sales in Braemar is giving us the opportunity to once again reflect on property values in the neighborhood. This particular post will focus on the Arista Series homes built by Brookfield. That includes the following models: Canterbury, Allister and Buckingham. These are the largest single family homes built by Brookfield in Braemar.
This Braemar Property Value Report gives us an average of three Canterbury resales, all with some degree of finished basements. The average sale price is now $404,967. That's down from $435,250 last report (November-December 2008). That's an average market value reduction of 7% in two months.
The average seller subsidy(closing cost assistance from seller to buyer) was $10,584 this report. Considering the average seller subsidy was $6,473 last report, that is a substantial change. Unfortunately, the days it takes to sell an Arista Series home is up significantly this report. It went from 25 days last report, to 136 days this report.
When looking back to average sale price one year ago, it is too easy to be discouraged. We've gone from $549,900 average sales price to $404,967. That's a 26% drop in value. Bad news, right?...Not if you put it in perspective with the surrounding Prince William County market. Our county has seen an overall decrease in average sales price, in the last twelve months, of 31%!!! So maybe that 26% price drop doesn't sound so bad to you now.
You can see historical average sale prices in the Arista Series homes by logging on to my website: www.nvarealestate.net. Simply click the link to the left for Braemar Property Value Report Online. The Arista Series will be the first figures you see. You'll find average sale prices dating back to May & 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