Happy New Year! The changing of the calendars to 2011 gives us the opportunity to look back at Braemar condo sales in this fourth quarter edition of the Braemar Condo Quarterly. This is a look back at condo sales in Braemar during the past three months to determine average sales price and other market factors. This is also a great tool to set expectations of Braemar Condo Buyers and Sellers.
For starters, there was one more sale in this fourth quarter of 2010 than there was in the third quater. All but one of those condos have a one car garage. And three of those sales represent foreclosures and one a regular sale. While the number of sales increasing is a good thing, every measure after that shows less favorable information.
The average sales price of these four Braemar condo sales was $198,700. That's a $7,800 decrease since last report. At the same time that the average sale price decreased, so did the high sale price and low sale price. The high sales price this quarter was $8,500 lower, the low sales price was $4,100 lower. While sales prices decreased in the last quarter of 2010, average seller subsidy (closing cost assistance from seller to buyer) increased by $4,810.
If you placed your Braemar condo on the market, and priced it to current market conditions, you could expect to have it under contract in about a month and a half. You could also expect to pay 3% in closing cost assistance to the buyer.
The next Braemar Condo Quarterly will be out in April. Until then, if you are thinking of placing your Braemar condo on the market, give me a call. As a Braemar resident and full-time Realtor®, I have the market knowledge to get your home to settlement, be it a regular sale or Short Sale.
Remember, no one knows Braemar better!
Chris Ann Cleland, Associate Broker, Licensed in VA, Long & Foster