Braemar Condo Quarterly: April-June 2013
To say the Braemar and surrounding Bristow real estate market have been hot this year is an understatement. There is a serious shortage of inventory for the buyers that want to own property in our area. Braemar condos are in major demand because of their price range. They are great for first-time buyers.
The second quarter saw the same number of sales, two, as the first quarter. The average sales price was up 4% since the first quarter which is great. High sales price was down 2% and low sales price was up 11.5% since the first quarter. The average seller subsidy (closing cost assistance from buyer to seller) went up by 62%, which given demand, is surprising. The average marketing time also went the wrong direction as what I was expecting, being 229% longer than it was in the first quarter.
If you placed your Braemar condo on the market, priced to current conditions, this report indicates it would be under contract in just over three weeks time. From recent experience selling a Braemar condo this July, I can tell you that you could be under contract in less than one week if your home is in excellent condition. You could also expect a buyer to ask for an average of 2% of the sales price in closing cost help.
The next Braemar Condo Quarterly will be out in October and will detail sales from the third quarter of 2013. Until then, if you are contemplating the sale of your Braemar condo, call me for a free market analysis of your specific condo's value. I've been a full-time real estate agent and Braemar resident since 2005. I've also been a Braemar Short Sale Agent since 2007. No matter what your equity position, I can get you the most amount of money for your Braemar condo in the shortest amount of time. 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.)
You can see the most recent property values in Braemar by clicking the links below:
Arista Series (large single family homes built by Brookfield Homes)
Carriage Series (smaller single family homes with detached garages, Brookfield Homes)
Courtyard Series (executive style home, five to a private driveway, Brookfield Homes)
Heritage Series (mid-sized single family homes, Brookfield Homes)
NV Homes (single family homes built by NV Homes)
Ryan Homes (single family homes built by Ryan Homes)
Townhouse Report (traditional townhouses with small back yards)