Brambleton, VA 2008 Quarter 3 Resale Summary

By
Real Estate Agent with Keller Williams Realty

INTRODUCTION

This is what you've been waiting for! Quarterly reports provide very useful insights into Brambleton real estate market.  You can also check my weekly market updates @ http://www.BrambletonBlog.com.  For all your Brambleton real estate needs, contact me.  I specialize in Brambleton and this report will show you that I know the Brambleton market.  This is the most comprehensive market report for Brambleton anywhere.

Brambleton is following the general Loudoun County trends. Sales are up and prices have fallen. Last year, we saw a drop in sales in 2007 Q3 compared to 2007 Q2. Not this year. We have a 72% increase in sales in 2008 Q3 compared to 2008 Q2. The big factor is the increase in affordability. Prices have fallen about 20% from a year ago. Visit Dulles Area Association of Realtor's website for more information on Loudoun County real estate market and continue reading for more information on Brambleton market.

 

 

QUICK SUMMARY

Number of Resale Homes Sold in 2007 Q3: 25
Number of Resale Homes Sold in 2008 Q3: 43
Change: 72% Increase

Average List Price in 2007 Q3: $532,883
Average List Price in 2008 Q3: $423,001
Change: 18.9% decrease

Average Net Price (Sold Price - Subsidy) in 2007 Q3: $510,631
Average Net Price (Sold Price - Subsidy) in 2008 Q3: $412,811
Change: 23.7% decrease

Average DOMP in 2007 Q3: 100.8
Average DOMP in 2008 Q3: 75.3
Change: 25.3% increase

Number of Short Sales 2007 Q3: 1
Number of Short Sales 2008 Q3: 13
Change: 1,200% increase

I didn't realize this until I was preparing this report but I was the first one to perform a successful short sale in Brambleton in 2007 Q3. I actually did another successful one in 2007 Q4 without listing the home in MLS but the owner had to file for bankruptcy so the court didn't approve the sale.
I predicted that short sales will play a huge role in resale market. Well, we have as many short sales as we do foreclosures in 2008 Q3.

Number of Foreclosures 2007 Q3: 6
Number of Foreclosures 2008 Q3: 13
Change: 116.7% increase

Percentage of Distressed Resales in 2007 Q3: 30.0%
Percentage of Distressed Resales in 2008 Q3: 60.5%
Change: 101.6% increase


Click here to view all resales in 2007 Q3 and 2008 Q3 in spread sheet format.
Click here to download all sales in 2007 Q3 in PDF file with photos.
Click here to download all sales in 2008 Q3 in PDF file with photos.

 

SAME MODEL COMPARISON BETWEEN 2007 Q3 & 2008 Q3

For models with more than 2 resales, I used the lowest sold home and the highest sold home only. There were 7 Beazer Chancery models that sold in 2008 Q3. Instead of listing all seven, I just used two, the lowest and the highest sale. Also, keep in mind that single families are harder to compare because of many types of variations such as elevation, finished basement, bump outs, extensions, decks, etc..

Format: Year Model: Sales Price - Seller Subsidy = Net Price

Short Sale
Foreclosure

Condos

2007 Napoli: $240,000 - 0 = $240,000
2008 Napoli: $205,000 - $3,890 = $201,020

2007 Verona: $303,721 - $12,140 = $291,572
2007Verona: $315,000 - $0 = $315,000
2008 Verona: $210,900 - $3,000 = $207,900
2008 Verona: $224,900 - $5,000 = 219,900

No suprise with condos. Condos took the higgest hit in Brambleton and rest of the outside of the Beltway. I know there was one Verona that sold for 380k+ couple years back. Now it's about 40% off all time high.

 

Townhouses

2007 Centex Middleton: $365,000 - $7,700 = $357,300
2008 Centex Middleton: $365,000 - $6,424 = $358,576

Only model to go up in price! 0.35% increase! Who said the market is crashing??? Seriously, I predict the next Middleton to sell close to 10% less.

2007 Centex Courtland: $417,000 - $6,000 = $411,000
2008 Centex Courtland: $365,000 - $0 = $365,000

2007 Beazer Chancery: $470,000 - $10,000 = $460,000
2007 Beazer Chancery: $480,000 - $12,000 = $468,000
2008 Beazer Chancery: $340,000 - $5,000 = $335,000
2008 Beazer Chancery: $416,000 - $0 = $416,000

Can you believe that a Beazer Chancery sold for $335,000? It was about 23.5k cheaper than a Centex Middleton! You get one extra garage and another 1,000 sq ft! My prediction is that we will see people who bought foreclosures last year foreclosing or doing a short sale in the coming year. Mark my words.

 

Single Families

2007 Miller & Smith Rhapsody: $586,000 - $6,000 = $580,000
2007 Miller & Smith Rhapsody: $605,000 - $2,000 = $603,000
2008 Miller & Smith Rhapsody: $445,000 - $0 = $450,000
2008 Miller & Smith Rhapsody: $537,500 - $15,000 = $522,500

2007 Centex Fulton: $465,000 - $0 = $465,000
2007 Centex Fulton: $475,000 - $0 = $475,000
2008 Centex Fulton: $595,000 - $0 = $595,000

2007 Stanley Martin Elden II: $595,000 - $13,600 = $581,400
2007 Stanley Martin Elden II: $740,000 - $11,500 = $728,500
2008 Stanley Martin Elden III: $520,000 - $0 = $520,000

2007 Beazer Ashley: $663,000 - $13,300 = $649,700
2007 Beazer Ashley: $685,000 - $13,300 = $685,000
2008 Beazer Ashley: $551,500 - $0 = $551,500
2008 Beazer Ashley: $575,000 - $0 = $575,000

2007 Centex Carlson: $685,000 - $0 = $685,000
2008 Centex Carlton: $549,500 - $0 = $549,500
2008 Centex Carlton: $650,000 - $15,000 = $635,000

 

SUMMARY

2008 Q3 was a very busy quarter. There are many buyers out there. They're just looking for the right home at the right price. I expect another busy quarter. I don't expect it to be as busy as 2008 Q3 but it will be significantly busier than last 2007 Q4. Due to decline in resale inventory, I would guess many buyers will turn to new construction. With end of the year coming up, I suspect the builders will try to meet their numbers for the year.

Short sales continue to gain in popularity as I predicted earlier in the year. We're close to the bottom so that's a good news. If you owe more than what your home is worth and you are in financial distress, contact me and we can discuss options. I work with an attorney who specializes in short sales so you can get the proper legal advice. This past week I received an approval for a condo with 2 liens: first trust was with Aurora and second trust was with Citibank. Both were losing money so it took a lot of going back and forth. After 4 months of wait, it's finally going to closing in 2 weeks. I hope you found this report helpful. Have a great week.

 

Disclaimer: Information is deemed reliable but not guaranteed. MLS data was used which means For Sale By Owner information may have not been included. All homes entered as comps (e.g. new construction) were removed as well. MLS data is subject to human errors such as agents entering wrong values. This is not an appraisal but purely for informative purposes only. If you spot an error, please email me.

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