W H A T ‘ S H O T . . .
○ “…and the saga continues…” Who thought the inventory could get any lower? Well, it has. 15% lower than last year. Are you thinking about selling your home? Stop thinking…and start DOING. This is your moment.
○ The lack of supply has caused a slight INCREASE of 3.4% in Average Sales Price from August. Overall, 2016 has been more stable within in the $180k (low in Jan.) – $200k (high in July) range. An improvement from the past few years, which has been all over the board.
- 30% of September’s transactions sold for 100% OR MORE of Listing Price.
○ Average Days on Market = 85 Days; Median Days on Market = 45 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. )
- About 40% of September’s Sales were available on the market for 30 DAYS or LESS.
- 68.5% of those sales were on the market for 15 DAYS or LESS.
○ For a broader Virginia snapshot, Check out Commonwealth Daily’s 3rd Quarter Real Estate Report.
W H A T ‘ S N O T . . .
○ Folks, I think we have started the seasonal Autumn sales decline. September 2016 (140 sales) saw 11% LESS closed transactions than August 2016 (158 sales). Don’t fret, September 2016 residential sales (140) compared to September 2015 (139) is basically a wash. Even with the decline in sales as we head into colder weather…
- Sept 2016’s Year-To-Date sales slight INCREASE of 1.4% over September 2015 Year-To-Date sales.
- Sept 2016’s 12 Month Running Total (1512) is a 0.3% INCREASE over last month’s.
○ The decrease in sales during the “slower” winter months could hamper attitudes towards putting your house on the market. Two items to digest…
- The historic low in available inventory provides less competition for those anxiously trying to sell their home. This is very good.
- The quality of buyers looking for homes in the winter are s-e-r-i-o-u-s. Meaning, their intention and motivation for looking is fo’ real. Spring and summer weekend house-hunting can turn into a hobby for some buyers. If people are fighting the wind and cold during the holiday season to view your property…they aren’t messin’ around.
As always, Questions…Comments? Call me. May the Force be with you.
*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 9.1.16 through 9.30.16. All information is believed to be accurate, but cannot be guaranteed.