Another two months of home sales in Braemar is giving us the opportunity to once again reflect on property values in the neighborhood. This particular post will focus on the Carriage Series homes. That includes the following models: Maplewood, Norwood, Oakdale & Parkdale. They are the detached garage homes built by Brookfield in Braemar.
As the market has declined, the Carriage Series homes have been in consistent demand by buyers. These smaller single family homes are a great alternative for first time home buyers that may otherwise buy a townhouse. The average sale price this report, after three resales in the past two months, is now $282,967. That's an increase from $278,167 in September and October 2008!
The average closing cost contribution was $3,333 this report, up from $2,039 last report. And the number of days it takes to sell a Carriage Series home is down. This report homes are selling in an average of 52 days, when last report it was 72 days. These are all trends that home owners would love to see continue into 2009.
When looking back to average sale price one year ago, it is too easy to be discouraged. We've gone from $359,500 to $282,967. That's a 21% drop in value. Meanwhile, our county has seen an overall decrease in average sales price, in the last twelve months, of 35%!!! So maybe that 21% twelve month price drop doesn't sound so bad to you now.
You can see historical average sale prices in the Carraige Series homes by logging on to my website: www.nvarealestate.net. Simply click the link to the left for Braemar Property Value Report Online. Scroll down to the Carriage Series. You'll find average sale prices dating back to May and June 2005. It will look like this:
I prepare the Braemar Property Value Report in a hard copy format every other month. If you'd like to receive it in the mail, please contact me. In the meantime, if you need to sell your Braemar home, or know someone that is looking to buy in our community, please don't hesitate to call. No one knows Braemar better!
Chris Ann Cleland, Long & Foster, Realtor (licensed in VA), GRI, Short Sale Specialist
703-402-0037, chrisann@longandfoster.com
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header is a combination of photos from the Bristow, Gainesville & Haymarket areas, taken by Chris Ann Cleland.
Sounds like your market may be trying to level off or possibly is getting better. That is the thing about real estate. Eventually it does get better!
Trey: Our County got hit hard very early in this mess. I do believe we are leveling off. The available inventory is decreasing to a point where we have 4-7 months of inventory...not 14+ months. That's certainly helping. Our community is a microcosm of the County, though not havng lost as much value due to the newer age of the homes.
Are you still send your reports out in hardcopy too?
Pat: Yes...which reminds me, I better get busy. Time to get this month's issues out the door.
FOR INFORMATION ON BRAEMAR'S 2010 HALLOWEEN SPOOKTACULAR, CLICK THE LINK PROVIDED.