I N A N U T S H E L L . . .
○ We saw a naturally occurring DECREASE in sold transactions for the month of December. A 15% decrease from the November’s “5 year historical high for the month” sales. A more accurate reflection of the market would be the 12 Month-Running-Total, we saw a negligible decrease of 0.3% from last month. The market is slowly, slowly, slowly slowing down.
○ On the other side of the coin…Low Inventory is keeping everyone on their toes. Even with the slightly slower market, properly priced homes within the $150k – $250k range are going quick. (* Especially brick ranch homes, featuring one-level living, a nice dry basement for storage is a-plus.)
- Average Days on Market = 95 Days, a 12% DECREASE in days from last month.
- Median Days on Market = 56 Days, a slight 0.8% increase in days from last month.
- Year-to-Date DOM = 98 Days (one day decrease from last month)
- 42% of December’s sold inventory was on the market for 45 DAYS or LESS.
- 27% of December’s sold inventory was on the market for 15 DAYS or LESS.
○ Average Sales Price – Yes, there was a decrease from October ($208,467) to November ($193,139), and then again to December ($190,263)…but overall in 2016, we have noticed a 3% INCREASE.
○ List Price vs. Sales Price – Staying steady with 97%, (Good news! That’s much better than the 94% average from first quarter!)
- Sales Price vs. List Price: 32% of December’s sales were sold at 100% of their list price…or more!
A N Y T H I N G E L S E ? . . .
○ News Alert: Fee Cut by FHA Set to Benefit First-Time Buyers –
Read Virginia REALTOR’s blurb on reducing the fees associated with mortgage insurance premiums for First Time Home buyers… Anything helps when rates are increasing 😉 Temporarily Suspended.
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 12.1.16 through 12.31.16. All information is believed to be accurate, but cannot be guaranteed.