Two more months of resales in Braemar's townhouse inventory has given us the opportunity to examine average sales price for the first two months of 2009.  Townhouse sales in this Braemar Tonwhouse Report, as always, are divided into two categories:  No Garage and Garage. 

No Garage Townhouses had only two resales in January and February.  The average sales price dipped again to $191,000.  That's down from $203,297 last report (November-December 2008).  Seller subsidy (closing assistance from seller to buyer) has gone up substantially from $2,682 to $7,700.  Unfortunately, the number of days it is taking to sell one of these townhouses has gone up from 104 days last report, to 313 days this report. I personally believe that these numbers are not at all indicative of what we are going to see in the spring.  Inventory is moving quickly.  These homes were likely listed as short sales, before the bank repossessed them through foreclosure and sold them more quickly.  The days indicates a total marketing time.

Garage Townhouses saw more action this report with five resales, yet decreased in average sales price.  Average sales price is now $211,250, down from $237,867 last report.  And seller subsidy has gone back up from $4,510 last report, to $7,436 this report.  And the average number of days on the market has dramatically decreased.  It took an average of 87 days to sell one of these townhouses last report, to only 16 days this report.

Overall, both of these categories of townhomes are doing better than Prince William County townhouses as a whole.  Townhouse values in the County at large have dropped 40% from January 2008-January 2009.  The drops for No Garage Townhouses and Garage Townhouses in Braemar, year to year, is 21% and 20% respectively.

You can see historical averages dating back to 2006 on my website:  www.nvarealestate.net.  Click the link for Braemar Townhouse Report Online.  Averages will be divided by garage, just as they are here.  The displays will look like this:

If you would like to receive a hard copy of the Braemar Townhouse Report, please call or email to sign up.

Thinking of selling your Braemar Townhouse?  Give me a call for a free, customized market analysis of your home's value.  No one knows Braemar better!

Chris Ann Cleland, Long & Foster, 703-402-0037, chrisann@longandfoster.com

I am a licensed Realtor in Virginia, GRI and Short Sale Specialist.