Braemar Condo Quarterly: October 2011-December 2011
Time for the year end wrap up of the Braemar condo market. The fourth quarter of Braemar condo sales was certainly more active than the third quarter. When statistics were pulled for sales that closed from October 1, 2011 to December 31, 2011 there was only Braemar condo that was lingering under contract. As of today, January 1st, there are no active listings for Braemar condos.
There five Braemar condos sold during the fourth quarter of 2011. The majority of them, three to be exact, were Short Sales. The remaining two included one traditional sale and one foreclosure. The average sales price of $189,230 is not even a one percent increase since the third quarter, but it is an increase nonetheless. The reality is that a 0.8% increase is at least representing stability, and that's a good thing.
The high sales prices is a tad higher this quarter as well. $500 higher. The low sales price is $3,000 lower than it was in the third quarter. Probably the best news is that the average closing cost assistance from seller to buyer is down over 23% since last quarter. Of course, three of the five sales had a minimum of $5,000 in closing cost help, so that's the mean. The average marketing time only increased by one day since the third quarter. Again, stability is a good thing.
Looking back to the fourth quarter of 2010, Braemar condos have lost almost five in average market value, but by and large, the market is stable.
What all this means is that if you placed your Braemar condo on the market, priced to current market conditions you could expect to be under contract in about one month's time and give an average of 2.2% of the sales price in closing cost help to the buyer.
If you are thinking of selling your Braemar condo, give me a call for a free market analysis of your specific home's worth. Not only have I been a Braemar resident and full-time Bristow real estate agent since 2005, I have also been a Short Sale Specialist since 2007. In fact, if you are curious about the Short Sale process, I wrote an article that appears in the Jan/Feb 2012 edition of the Bagpiper (Braemar's newsletter.) No matter what your equity position, I can get your home sold for the most amount of money in the shortest amount of time. And remember, no one knows Braemar better!
Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®
Statistics compiled by Chris Ann Cleland using the MRIS (Metropolitan Regional Information Systems.)