- 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…with 2019 surpassing 2005’s sales;
- 2015 = 1489 sales
- 2016 = 1511 sales
- 2017 = 1581 sales
- 2018 = 1573 sales
- 2019 = 1747 sales
- 2020 has began mimicking the past, with the organic holiday downshift. (Fyi* Last year’s Spring market sales were strong in April. Displaying the initial buying take off beginning in March.) Comparable strong sale #’s pushed through-out the 2019 year. Feb ’20 (88) is a FLAT compared to last Feb ’19 (88).
- Feb 2020 12 Mo. Running Total (1844) displays a slight 5 home DECREASE over last month’s total of (1850), and a 10.6% INCREASE from Feb 2019’s 12 Mo. Running Total (1668 sales).
LOW HOUSING INVENTORY
How low can you go?…Historic lows in inventory began back in 2016, truly felt the impact during the 3Q 2016 buying season. the end of 2016 deemed itself a “price adjusting” year, cleaning out stale properties. since then, the inventory has continued to be squeezed, opening-up a tinie bitin the Spring market…but swallowed up quickly & further depleted until the end of each year. In 2020, our inventory is at its lowest with 305 active properties.
- Feb 2020 with 305 properties is a 13% < Feb 2019 (350) which is 32% < Feb 2018 (450) which is 49% < Feb 2017 (595) which is 59% < Feb 2016 (735).
AVERAGE SALES PRICES
With low supply, comes high demand…reflected in the increase in Sales Prices. We noticed an average of 7% INCREASE over the course of last year, (varying higher/lower depending on the price bracket.) Feb 2020’s ASP ($234,121) is a 3.1% INCREASE from Feb 2019 ($227,046) and a huge 15.5% INCREASE from last month, Jan 2019 ($202,633).
The 12 Month ASP is a more accurate predictor of sales trends. Feb ’20 12 Mo ASP ($227,596) displays a 5.3% INCREASE when compared to last year’s 12 Mo ASP ($216,130). This is a more consistent with last month’s approximate year-over-year 12 Mo ASP’s 6% INCREASE. Overall, we have flattened out for the moment. The good news is that with the steady gains since 2016, many properties are back to their 2005-2007 market values.
Unfortunately, what is NOT factored into the average sales price, is the trend of Seller paid closing costs. 47% of February 2020’s sales included the Seller paying, on average, $5154 towards the Purchaser’s settlement fees at closing.
DAYS ON MARKET
Average Days on Market (DOM) for 2005 was 101 days. and steadily increased to an all time high of 177 days in April 2013. Low inventory has considerably dropped this number. 2019’s yearly average was 55 days, with a median DOM of 20 days. (* Normal Market is considered to be 90 days.)
- Feb 2020 STATS: Average 58 days / Median 26 days
- % of Feb Sales “Under Contract” within..
- 15 Days or less = 57%
- 30 Days or less = 63%
- 45 Days or less = 67%
Interestingly, the active properties for Feb 2020 have been on the market 144 DOM. That’s 86 more days than the SOLD DOM for the month. Indicating, that most properties properly priced are moving quickly, while the others are sitting on the market getting stale.
[The information presented is deemed accurate, but not guaranteed. Data sourced from the Greater Augusta Association of REALTORS (GAAR) for Residential, Single Family homes in Augusta County, Waynesboro & Staunton Virginia; YTD 2020.]