On April 21st, I received a text from my husband using the acronym “O.M.G.”. (The FIRST and ONLY time I have EVER heard him say that. Which, I guess is something humorous from something so tragic.) Purple Rain was my very first cassette tape, (see to the left. “Yes”, that is the 1984 original, and “YES”, I still have a tape player in my car, DON’T JUDGE.) With that said, my post this month has been visually adjusted with Prince on my mind, (I still get weepy thinking about it.) On a similar note, has anyone else made the connection that the sky over Virginia has been crying ever since? Coincidence? I think not. Luckily, all of this rain has not slowed down the real estate market in our area. LET’S GO CRAZY with charts and stats below…
W H A T ‘ S H O T . . .
○ DEJA- VU – Inventory is waaaay-doooowwwwnnn. “How low is it?”, you may ask? Yada, yada, yada. You all have heard this from me before, in last month’s update. The low inventory is affecting the average Days on Market for properties sold in April. April’s average DOM was a pretty hefty number, 180 days. Again, this seems disheartening at first…but take a second look, and notice the MEDIAN is 74 days. Now, that looks much more attractive! Motivated buyers have limited choices when it comes to existing inventory…and they better act quickly if they see something new & attractive pop up on the Multiple Listing Service. From April’s sold transactions – those newly listed homes in March and April were scooped up in 10 days on average! The speed of light. I am certainly not saying we are out of the woods and in a “sellers’ market”, but it may be a good idea to read these tips if you are an active buyer.
○ I said it last month, and I will say it again, “Did I mention its a GREAT time to list your house?” (Especially if it fits in the $100k – $250k hot pocket.)
○ Average Sales Price INCREASE –
- Year over Year: April 2016 Average Sales Price is 8.9% higher than April 2015.
- Compared to last Month: April 2016 Average Sales Price is 5.5% higher than March 2016.
○ Monthly Closed Transactions INCREASE –
- Year over Year: April 2016 Sales (130) is a 66.7% INCREASE from April 2015 sales (78)
- Compared to last month: April 2016 Sales (130) is a 28.7% INCREASE from March 2016 Sales (101)
- For a broader view of our beautiful state of Virginia’s real estate market, CLICK HERE for a First Quarter commentary from Commonwealth Daily.
W H A T ‘ S N O T . . .
○ The lack of inventory. With that said, I have noticed quite an addition of building lots coming back on the market. Many were withdrawn during the economic recession. It is good to see their fresh and glistening, grassy faces again. Let’s see how they move in the near future. I love the sound of power-tools and the sweet smell of cut wood in the morning. (Add to that, freshly sanded drywall and paint as well.)
○ Year-to-Date Sales – Even though we noted a significant INCREASE of 66.7% with comparison to April of last year; We are still slightly behind on our Total Year-to-Date sales. April 2016 YTD sales (389), is a DECREASE of 5.8% from April 2015 YTD sales (413). (*With that said, the 12 month running total is on the “up-and-up” with a 3.7% INCREASE from last month.)
○ The passing of the one and only, irreplaceable, the “Beautiful One”, Prince. Ugh.
I will leave you with WIRED Magazine’s compilation of Prince’s best videos available on YouTube, (link below.) His 2004 induction into the Rock and Roll Hall of Fame is my fav. INCREDIBLE!)
*This report was prepared by and for the use of Westhills Ltd. REALTORS. It is not to be copied in whole or in part without explicit permission of Katherine McNicholas.
**All data based on information from the Greater Augusta Association of REALTORS®, Inc. or Multiple Listing Service for the period 4.1.16 through 4.30.16. All information is believed to be accurate, but cannot be guaranteed.