It's only a matter of days before the Braemar pools open. Adults will have a couple of weeks to enjoy them before school let's out. Before we head off into daydreams of blue water in a pool and the smell of sunscreen wafting through the air, let's take a look back at the resale activity during March and April for Braemar Townhouses. As always, we'll divide townhouses into two categories: Garage Townhouses and Townhouses with No Garage.
For the previous two reporting periods, Townhouses with No Garage had no resales. I am happy to report that the streak is broken. There were three resales during March and April. The average of their sales prices brings the average market value of a Braemar Townhouse with No Garage, to $228,167. Compared to last year's report (March-April 2010), this represents over a 6% increase in value.
What this report also indicates is that if a Seller placed their Braemar Townhouse with No Garage on the market, priced to current market conditions, they could expect their townhouse to be under contract in about three weeks time. They could also expect the Buyer of their townhouse to ask for an average of 2.3% of the sales price in closing cost assistance.
Just like the Townhouses with No Garage, Braemar Garage Townhouses also had three resales during the months of March and April. The average of their sales prices bring the average market value for Braemar Garage Townhouses to $226,000. That's nearly a 10% decrease since last report (January-February 2011) and a 6.5% decrease since last year's report (March-April 2010.)
This report also tells Braemar Garage Townhouse sellers that if they placed their home on the market, priced to current market conditions, they could expect to be under contract in about five weeks. It also sets the expectation that a Buyer is likely to ask for an average of 1.3% of the sales price in closing cost assistance.
The next Braemar Townhouse Report will be out in July. Until then, 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. You can also check real estate and neighborhood information by checking in with my Braemar Blog.
If you find yourself, or someone you know, needing to sell their Braemar Townhouse, please don't hesitate to call. You can make the most in the market with a true neighborhood expert. No one knows Braemar better!
Chris Ann Cleland, Long & Foster REALTORS®, Associate Broker-Licensed in Virginia, Short Sale Specialist
Other Braemar Property Value posts for the period of March-April 2011:
Arista Series (large single family homes built by Brookfield Homes)
Heritage Series (mid-sized single family homes built by Brookfield Homes)
Carriage Series (smaller single family homes with detached garages, built by Brookfield Homes)
Courtyard Series (executive style homes, five to a private entrance, built by Brookfield Homes)