Once every two months I review the townhouse resales in our community of Braemar to prepare the Braemar Townhouse Report. I take the sales and divide them in to a category called Garage and No Garage, then average the sold prices to come to an average sales price, which is also known as market value.
Townhouses with No Garage in Braemar had only one resale in the months of May and June. This is a bit surprising since there so many first time buyers out in our market looking to get a deal done in these months. That one sale leaves us with a $209,000 average sales price, down 2.8% since last report. However, taking this average sales price and comparing it to May and June 2009, we see an increase of nearly 2%.
These numbers also tell us what a Seller of a Townhouse with No Garage in Braemar may expect when placing their home on the market. If they priced their home to current market conditions, a Seller of a Braemar Townhouse with No Garage could expect to have a contract in more than one week's time, but less than two. They could also expect a Buyer to ask for a small amount of money in closing cost assistance.
Garage Townhouses in Braemar saw four resales in May and June. This brings the average sales price for a Braemar Garage Townhouse to $237,425. That's down 1.7% since last report. There is a substantial increase in average sales price looking back to this time last year. In just twelve months, a Braemar Garage Townhouse has gained 12.4% in average sales price. That's a nice jump in value.
If a Seller with a Braemar Garage Townhouse placed their home on the market, and priced it to current market conditions, they could expect to have their home under contract in less than one week. They could also expect for a Buyer to ask for about 1.5% of the sales price in closing cost assistance.
Look for your next Braemar Townhouse Report in September. Until then, please enjoy your summer and make sure you are taking advantage of those two lovely pools that Braemar has to offer. As always, if you are interested in taking a look at historical averages, 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