W H A T ‘ S H O T . . .
○ INCREASE in real estate transactions, November 2016 (129 sales) 20% increase from last November’s sales (107). The increase in Nov’s numbers equalizes the 20% decrease we noted in last month’s sales. With that said, 2016’s Year-to-Date transactions are at a slight increase of 1.7%, (that is 24 more sold homes than the YTD in Nov. 2015.) The 12-month running total, (a more accurate reflection of the market), mirrors the YTD, with a 1.6% INCREASE from October.
○ Average Days on Market = 107 Days; Median Days on Market = 51 Days ; Year-to-Date DOM = 99 (this is probably the more reliable number.)
- About 47% of November’s sold inventory was available on the market for 45 DAYS or LESS.
- 53% of those sales were on the market for 15 DAYS or LESS.
○ Average Sales Price – Yes, there was a decrease from October ($208,467)…but overall, this area has noticed a 6% INCREASE in 2016. The historically low inventory is slowly pushing prices up, as well as creating somewhat of a seller’s market. Appropriately priced homes, especially those under $200k, are flying off of the shelves!
- Sales Price vs. List Price: 37% of November’s sales were sold at 99% of their list price…or more.
- Seller Paid Closing Costs – 46% of transactions incl. these terms, with an average of $4823 paid.
According to Absorption Rates, Interested in which price bracket moved the fastest in November?…
- 1.9 Months – $200,000 – $209,999 (10 currently active listings / 32 sales in the last 6 months)
- 2.1 Months – $100,000 – $109,999 (10 currently active listings / 29 sales in the last 6 months)
- 2.1 Months – $170,000 – $179,999 (18 currently active listings / 51 sales in the last 6 months)
- 2.5 Months – $210,000 – $219,999 (18 currently active listings / 44 sales in the last 6 months)
- 2.7 Months – $150,000 – $159,999 (23 currently active listings / 52 sales in the last 6 months)
W H A T ‘ S N O T . . .
○ Selling your home at $400,000 and above. They represented only 1% of November’s sales. The absorption rate for this price bracket is over one year…yes, I said YEAR…and it just keeps getting longer the higher you go up in price. Again, it is all about perspective though…it IS beneficial to be a buyer in this price range because of the lack of other buyer competitors.
○ Low appraisals – Appraisers use previous sales when calculating value. Remember, that the sales prices reflected in comparables are even older than their closing date. The price was negotiated, at least, a month prior to the closing, possibly three months prior. The uptick in pricing occurring at the moment won’t be found in the comps. If an appraisal comes in low…its back to the table for all parties. A pretty stressful event, especially as banks delay the appraisal until the last minute.
On to December, 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 11.1.16 through 11.30.16. All information is believed to be accurate, but cannot be guaranteed.