MARCH and First Quarter 2018 – Real Estate Market Recap: Augusta County, Staunton & Waynesboro

03.2018_SNAPSHOT

RESIDENTIAL SALES: MONTH -TO- MONTH

03.2018_SALES

The number of sales hit an all-time high in 2005, with a total of 1598 closed transactions and a low in 2010, with 935. The market has gradually improved since then…

  • 2013 = 1220 sales
  • 2014 = 1383 sales
  • 2015 = 1489 sales
  • 2016 = 1511 sales
  • 2017 = 1581 sales

March 2018 monthly sales (106) displayed a 13% DECREASE when compared to March 2017, (122). The lack of inventory is keeping sales at bay.

March 2018 Year-to-Date sales, (287) shows a marginal 2% DECREASE over May 2017 YTD sales, (292).

RESIDENTIAL INVENTORY: MONTH -TO- MONTH…that red line looks so lonely.

The number of active listings in Jan 2009 was 498, increased to a high of 1509 in Aug 2010. We started 2018 with 450 active listings, which was 20% LESS than Jan 2017. Historical lows in inventory began back in 2016, we started feeling the crunch during the 3Q buying season. The end of 2016 deemd itself a “price-adjusting” year, cleaning out stale properties. 2017 followed a similar pattern with low inventory and price-adjusting. 2018’s inventory continues to drop, and squeeze the market.

  • March 2018’s inventory is 24.5% LESS than March 2017, and 43% LESS than March 2016.

03.2018_INVENTORY

03.2018_ABSORPTION

AVERAGE SALES PRICE: MONTH -TO- MONTH…

With low supply, comes high demand…reflected in the increasing Sales Prices. We noticed a solid 6% INCREASE over the course of 2017, most dramatic in properties within the $300k and under range. March 2018 Average Sales Price ($213,009) is 7.7% HIGHER than March 2017…the highest March ASP we have experienced in the last five years.

[Unfortunately, what is NOT factored into the average sales price, is the average amount of seller paid concessions. In March 2018, 53% of sales transactions included seller paid closing costs. On average, the seller paid ~$5000 at settlement.]

* FINAL THOUGHTS *

The present-day market is an extremely opportune & advantageous time to sell property. (If owner-occupied, make sure you know where you are going! With the tight inventory, you may have a hard time finding a suitable next home!)

Proper property pricing is essential in selling your home. With an Average Days on Market at 68 days, and median at 47 days, (normal market is considered 90) Homes that are still available after those noted marks, have “over shot the mark” and their market value. Below are some factoids for properties sold in 2018 thus far…

  • 31.5% properties sold in 15 Days OR LESS
  • 54.5% properties sold in 60 Days OR LESS

Interest rates have risen in the last 12 months, and are forecasted to slowly rise over 2018…this will affect purchaser borrowing power, which could stall/dampen any dramatic market increases.

* QUICK FIRST QUARTER SNAPSHOT *

1Q2018_SNAPSHOT

 

* This report was prepared by and for the use of Katherine McNicholas, Westhills Ltd. REALTORS. It is not to be copied in whole or in part without explicit permission of author.*

* All data based on information from the Greater Augusta Association of REALTORS®, Inc. or Multiple Listing Service. All information is believed to be accurate, but cannot be guaranteed.*

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