W H A T ‘ S H O T . . .
○ We are still historically LOW-LOW-LOW with existing inventory. This has been great for sellers with appropriately priced listings under $300,000. For buyers, not so much…(see below.)
○ Residential Loan Interest rates are still LOW-LOW-LOW as well. (Click here for more on Kiplinger’s report on their predicted rate increase in December.)
○ The percentage of Sale Price to List Price has increased to 97.7% in August 2016. (**This percentage was at its lowest in the Winter of 2012 at 92%; and hovered around the 94%-95% range for last couple of years.)
- 39% of August’s transactions sold for 100% OR MORE of Listing Price
○ August 2016 (158 sales) saw 8 more closed transactions than July 2016 (150 sales). August 2016 residential sales were 10.5% higher than last year’s August. (Commonwealth Daily has reported a 12.5% increase in Virginia’s 2016 August vs. 2015 August sales. This article attributes it to an inventory increase…which we didn’t see here in the Valley.)
- Year-To-Date sales slight INCREASE of 1.3% over August 2015 Year-To-Date sales.
- August 2016 saw the same 1.3% INCREASE in the 12 Month Running Total of Sales over last month.
○ Average Days on Market = 82 Days; Median Days on Market = 50 Days (**A normal market is considered to be 90-120 days. Besides that blip in the spring when Average DOM jumped to over 170 Days, we have been in a normal market all year. )
- 40% of August’s Sales were available on the market for 30 DAYS or LESS.
- 63% of those sales were on the market for 10 DAYS or LESS
W H A T ‘ S N O T . . .
○ Inventory is LOW-LOW-LOW. Appropriately priced listings are not lasting long. Buyers should be working as a team with their real estate professional. That means, you may need to go see homes at inconvenient times. Point being…if you think a home may be “the one”, make the effort to get in there before it slips away. With the Fall season right around the corner, the “buyer competition” will probably slow down, but if inventory stays at this historical low, one will still need to move faster than usual.
○ Average Sales Price DECREASE…August 2016’s Average Sales Price was $184,666…
- …an 8% DECREASE when compared to July 2016, ($200,725).
- …a 5.5% DECREASE when compared to August 2015 ($195,498).
*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 8.1.16 through 8.31.16. All information is believed to be accurate, but cannot be guaranteed.