W H A T ‘ S H O T . . .
○ INCREASE in Average Sales Price…a 16.5% increase since Jan 2016. Whoppers. October’s average sales price was $208,900, that is a 2016 high, folks.
- 52% of October’s transactions included seller paid closing costs, an average of $4850 was paid.
○ Average Days on Market = 96 Days; Median Days on Market = 56 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 46% of October’s sold inventory was available on the market for 30 DAYS or LESS.
- 50% of those sales were on the market for 15 DAYS or LESS.
○ Based off of the running 12 month’s sales, October’s absorption rate is at 7 months. (This reflects a slightly slower market.)
*Absorption Rate = the number of all active listings, including pending sales, divided by the number of monthly sales. It represents the number of months it would take to sell the actively listed properties currently on the market if no other properties were added, 6 Months is considered “normal”. So, in October 2016 it would take 7 months to sell everything active, (including those homes Under Contract.) This number can be broken down by price range, location, etc.
According to Absorption Rates, Interested in which price bracket moved the fastest in October?…
- 2.1 Months – $200,000-$209,900 (10 currently active listings / 28 sales in the last 6 months)
- 2.6 Months – $170,000-$179,999 (20 currently active listings / 47 sales in the last 6 months)
- 2.7 Months – $100,000-$109,999 (12 currently active listings / 27 sales in the last 6 months)
- 2.9 Months – $210,000-219,999 (19 currently active listings / 40 sales in the last 6 months)
W H A T ‘ S N O T . . .
○ The organic decline in sales associated with Fall and the busy, busy, busy holiday season. Don’t fret, October 2016 Year-to-date residential sales (1265) compared to October 2015 Year-to-date (1265) is even. When comparing month-to-month…
- DECLINE in October 2016 sales (101) vs. October 2015 sales (129).
- Slight DECREASE of 1.1% in the 12 month running total. (Slowing of the market.)
○ Housing inventory down 3% from September 2016…the inventory is almost level with last winter, Dec 2015. Can it go any lower? What will happen this Spring? The anticipation is killing me!
On to November, my friends!
As always, Questions…Comments? Call me.
*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 10.1.16 through 10.31.16. All information is believed to be accurate, but cannot be guaranteed.