“April showers bring May
flowers…more showers?” The sky was the only thing crying ALL last month. Check out May’s sunny residential sales activity below…
W H A T ‘ S H O T . . .
○ DEJA- VU – Housing inventory is STILL historically low, yet the amount of closed transactions are increasing.
- Year over Year: May 2016 Sales (141) is a 12% INCREASE from May 2015 sales (126)
- Compared to last month: May 2016 Sales (141) is an 8% INCREASE from April 2016 Sales (130)
○ Average Sales Price INCREASE – Year over Year: May 2016 Average Sales Price ($197,020) is 22% higher than May 2015 ($161,452).
○ The $200,000 – $249,999 represented the majority of sales in May, being 27% of the sold inventory…Kicking out the ever faithful lower priced brackets for the first time this year.
○ Average Days on Market – 108 Days; This number doesn’t look very appetizing for a home owner/seller. Stale inventory sales are affecting this number dramatically. Let’s take a different perspective…
- 40% of the closed transactions in May were on the market for 30 DAYS OR LESS
- Of those 40% homes sold, over half of them (60%) sold at 100% of their List Price.
- Of those 40% homes sold, a little less than half (46%) were on the market for 10 DAYS or LESS.
○ Join me at the newly renovated Wayne Theatre this Tuesday evening, June 28th at 7:00p, to enjoy an historical lecture titled, “Mansions of the Blue Ridge: Swannanoa and Royal Orchard“. I have been salivating at the mouth for months.
W H A T ‘ S N O T . . .
○ Higher priced inventory – Homes priced above $400,000 are at a standstill in our neck of the woods. On a positive note, if you are a buyer looking in this price range, there some beautiful homes to be had with little “other buyer” competition.
○ Year-to-Date Sales – Slightly behind on Total Year-to-Date sales. May 2016 YTD sales (533), is a DECREASE of 1.1% from May 2015 YTD sales (539). (*With that said, the 12 month running total is a marginable INCREASE of 1.2% from last month.)
*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 5.1.16 through 5.31.16. All information is believed to be accurate, but cannot be guaranteed.