Bradburn Village is one of my favorite neighborhoods, not only because of the style of architecture and small-town feel, but also because of it's walkability to restaurants, parks, grocery stores, schools and retail such as salon services, dentistry and yoga.
For the past few years, neighborhood sales have increased in number with strong summer and fall seasons. Annual home sales (both attached and detached properties) for 2012, 2013, and 2014 have been 45, 38 and 42 respectively, more than a 40% increase over the previous few years. Don't expect it to keep that pace, however; further price increases will likely be smaller now that many areas have regained their pre-recession housing values.
The speed of the market this past year is reflected in the Bradburn neighborhood stats, as well. For 2015 to date, the average days to offer is 12 (attached) and 14 (detached), a 37% and 67% decrease over the same time last year, respectively. Seller leverage was also reflected in the sales prices and concessions offered to buyers. In 2014, homes sold for an average of 98.3% (attached) and 98.5% (detached) of the listing price. In 2015, the averages have risen to 100.7% and 99.3% for the first three quarters. Concessions, or credit given by sellers to buyers at closing, decreased from 40% of all transactions in 2014 to 18% for the same time period this year (Jan - Sept).
With that said, we have to keep in mind that Bradburn is still a small slice of the Westminster pie. One or two homes can swing the data severely in one direction or another, so it's important to look at longer timelines and historical trends. You can see in this chart below that, although the price per square foot can go up or down quite a bit each quarter, the trend lines for both attached and detached houses are headed up.
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| Price per SQFT, 2014-2015 (source: IRESis) |
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Tracking this data is important to determine local appreciation and the current value of homes in this neighborhood. If you'd like a no-obligation Comparative Market Analysis for your home, don't hesitate to contact me. This is a great time to get your ducks in a row for a 2016 listing!
I would love to help you with your real estate journey.
