It is time, once again, to take a look back to the last two months of sales activity of Braemar townhouses in this installment of the Braemar Townhouse Report. As usual, our report is divided into two categories: Townhouses with No Garage, and Garage Townhouses.
To begin, Townhouses with No Garage saw two resales in the months of March and April, bringing the average market value to $215,000. That brings average property value up 16.5% since last report. Not an increase I'd get used to seeing. High sales price was $240,000; low sales price was $190,000.
If you put your No Garage Townhouse on the market and priced it to current market conditions, you could still expect your home to be under contract in about two weeks time. You could also expect a buyer to ask for a bit more than 1.0% of the sales price in seller subsidy (closing cost assistance from seller to buyer.) As more buyers compete for fewer homes, we are seeing a decrease in seller subsidy requests.
Below are the figures for No Garage Townhouses for this reporting period, last report, and last year's report.
Garage Townhouses are a different story. There were five resales during March and April, bringing the average market value to $241,600. That's another healthly increase of over 4% since last report. And the year over year comparison shows another increase--this time nearly 10%. The high sales price was $252,000; the low sales price wwas $228,000.
If you put your Garage Townhouse on the market, and priced it to current market conditions, this report indicates you could expect your home to be under contract in approximately over two month's time. I can tell you that this data is skewed by short sale properties that took over 100 and 250 days to sell. Really, you are more likely to sell withing two weeks time. You could also expect, with the strong buyer competition, that you would be asked to pay seller subsidy (closing cost assistance from seller to buyer) of 0.7% of the sales price. Gone are the days when sellers were expected to pay a full 3% of the sales price. That's what strong buyer demand will do.
Below are the figures for Garage Townhouses for this reporting period, last report, and last year's report.
Look for your next Braemar Townhouse Report in July. Until then, you can log onto www.nvarealestate.net and click the link for the Braemar Townhouse Report Online to see average market values to the beginning of 2006.
If you would like to sell your home, or know someone who is looking for Braemar's best townhouse buys, give me a call. No one knows Braemar better!
Chris Ann Cleland, Long & Foster, Realtor, Licensed in Virginia