“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.
2 thoughts on “MAY 2016: Augusta County, Staunton & Waynesboro”
Richard Kane, CGP,CRS,GRI,SRES
Westhills Ltd., REALTORS
1738 Jefferson Hwy
Fishersville, VA 22939
Certified Green Professional
Certified Real Estate Specialist
Graduate Realtors Institute
Senior Real Estate Specialist
Licensed in the Commonwealth of Virginia
Thank you, Jedi knight Kane