Price Adjusting, Low Supply, & Increasing Rates, Oh MY! A 2016 Home Sales Recap…

2016_snapshot

2016 KEPT US ON OUR TOES!

It was very much a “price adjusting” year, with foreclosures being flushed out, inventory running historically low, instability associated with a presidential election year, and wondering when those darn mortgage rates were going to finally rise! A more detailed, localized look below…

**Looking for a broader point-of-view? I got ya covered, VIRGINIA HOME SALES REPORT – 4Q 2016.

INCREASE IN SALES TRANSACTIONS

According to the US Census, (see below), the Greater Augusta County Area has seen little growth in the 2000’s. So, I was delighted to see the 6% increase in closed transactions, (1511 sales) when compared to the 2015 number, (1426 sales). Highest number of sales occurred during 3Q, (463 total transactions.); with the highest selling month being August, (162 sales transactions.) Aside from the natural recycling of households upsizing & downsizing, we have noticed a segment of folks from our neighboring larger, faster growing cities discovering the easy commute & less expensive real estate this area has to offer. (*Count my household as an example… My husband works in Ch’ville, but Waynesboro’s more laid-back & small town ambiance is a better fit for us.)

  • Augusta County’s population growth, from 4/2010 – 6/2015 was, 0.8%
  • Staunton’s……. 2.8%
  • Waynesboro…… 2.2%
  • Harrisonburg…… 7.4%
  • Charlottesville……7.3%

Projected Population Growth by the Decade – UVA Weldon Cooper Center

Projected Population Growth

(*Visit the Virginia Labor Market Information website for additional specific community profiles, featuring demographic, economic, and educational data.)

LOW INVENTORY

So, the big story for 2016 was the ever depleting supply of available residential inventory. The diminished supply began to affect several facets of our market here, (more on that below). The decrease began in Fall of 2015, and became historic in March of 2016. (You can see below, the dramatic increase in Spring 2014, the unfortunate bi-products of defaulted loans were pumped into the market, and continued to be replenished into Q1 2015.)12-16_inventory

Foreclosures, et al. represented approximately 20% or more of transactions in 2011-Q1 2015.) Though we noted a slight increase of their presence in December’s sales, REO’s & foreclosures have been relatively flushed-out & stabilized, (representing ~10% of 2016 total sales.)

Another contributor to the low housing supply, are the homeowners that, (even after a decade or more of homeownership), have little-to-no equity in their properties. According to an extensive 2013 NAHB study, the average residence turnover time is 13 years. If we use that statistic, a large segment of potential sellers purchased their home around the height of the market. Would YOU sell your home if you knew you were going to lose money? Ummmm, no-thankyouverymuch.

 

Low inventory means not-a-thang if you don’t have buyers…Fortunately, we DO have buyers in the Greater Augusta County and surrounding areas…(I mean, who wouldn’t want to live here!?) A great way to visualize this, is with something called an absorption rate chart…it’s a handy calculation using actual sales and available housing supply data, it’s measured in months. Of course, it isn’t that “black & white”, but it’s a helpful tool for checking the pulse.

2016_2015_absorption_ratesThis measurement tool can be focused to compare neighborhoods, price ranges, etc. and can totally vary depending on data set. For instance, if you were getting ready to put your own home on the market…the absorption rate for properties in your neighborhood & price range are both VERY IMPORTANT items to know. It will help both, you and your agent strategically price your home. As a buyer, (let’s say you were looking for a home last December.) Your preferred price range was $150k to $200k.  The absorption rate for that price range was an average of 2.9 months…With that rate, you need to get your sweetlittletushy out to see the property ASAP. With that said, if your price range was $600k-$650k, the absorption rate in Dec. was 24 months, not quite as urgent. I think you get the jist of it…

 

INCREASE IN LAND SALESyearly_land_sales

So, how did buyers react to restricted choice?…They started purchasing stale inventory at cheaper prices, (thus a huge jump in Average Days on Market back in the Spring.) – AND – they decided the alternative to purchasing existing homes, they decided to BUILD. Check out the stats to the left, s’il vous plais…

INCREASE IN MEDIAN & AVERAGE SALES PRICE

This year we noticed an overall increase of 3% in Average Sales Price. The chart below illustrates the increase, continuing into fourth quarter. *In 2015 & 2014, that line dipped in 4Q, creating more of an arc. I look forward to seeing what happens in 1Q 2017…will it continue to rise? (There is usually a pretty dramatic drop-off in first quarter…the holidays wear people out! But maybe 2017 has something different in-mind…)

2016_med_avg_salesprice

DAYS ON MARKET

2016’s Average DOM was a negligible 1.3% less days than 2015. On the surface, this seems nothing to write home about…the real story is 2016’s whopping decrease in median days by 24%. Remember when I mentioned buyers tapping into stale inventory that was overlooked in the past? That inventory has been on the market for several months, in some cases, years. That is a lot of days skewing into the yearly DOM average. The numbers below are another way to view the higher demand…

dom_compare

WHAT TO LOOK FORWARD TO IN 2017…

I’m really, really, really curious to see what happens in First Quarter …Will low-inventory, and the threat of more rate increases, motivate buyers during the usual “slow-down” period? Will the higher interest rates lower sales prices during our high season in 3Q? – OR – Will the lack of supply continue to drop, keeping the demand high? Only time will tell…

Before I leave you with the National Association of Realtor’s 2017 Prediction infographic below, I would like to thank all of those who encouraged me this first year as a real estate agent. I have stepped out of my “homebody” comfort zone, and met some truly wonderful people. Honestly, the word, “clientele” seems so stiff. The families I have met, have become new friends, and what a joy & honor it has been to work with them as a consultant in their home buying/selling process. Its been somewhat of a Mary Tyler Moore moment for me; as I twirl off, throwing my hat in the air…

Ciao – Katherine

 

2017-housing-expectations-12-14-2016-1000w-1453h

 

* 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 for the period 01.1.16 through 12.31.16. All information is believed to be accurate, but cannot be guaranteed.*

DECEMBER 2016: Augusta County, Staunton & Waynesboro

12-16_snapshot2016_sales 12-16_inventoryI 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.

 

NOVEMBER 2016: Augusta County, Staunton & Waynesboro

11-16_snapshot11-16_sales11-16_inventory

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.

 

OCTOBER 2016: Augusta County, Staunton & Waynesboro

10-16_snapshot10-16_sales10-16_inventory

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.

 

SEPTEMBER 2016: Augusta County, Staunton & Waynesboro

09-16_snapshot09-16_sales09-16_inventory

W H A T ‘ S   H O T . . .

○ “…and the saga continues…” Who thought the inventory could get any lower? Well, it has. 15% lower than last year. Are you thinking about selling your home? Stop thinking…and start DOING. This is your moment.

○  The lack of supply has caused a slight INCREASE of 3.4% in Average Sales Price from August. Overall, 2016 has been more stable within in the $180k (low in Jan.) – $200k (high in July) range. An improvement from the past few years, which has been all over the board.

  • 30% of September’s transactions sold for 100% OR MORE of Listing Price.

○  Average Days on Market = 85 Days; Median Days on Market = 45 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 40% of September’s Sales were available on the market for 30 DAYS or LESS.
    • 68.5% of those sales were on the market for 15 DAYS or LESS.

○  For a broader Virginia snapshot, Check out Commonwealth Daily’s 3rd Quarter Real Estate Report.

W H A T ‘ S   N O T . . .

○ Folks, I think we have started the seasonal Autumn sales decline. September 2016 (140 sales) saw 11% LESS closed transactions than August 2016 (158 sales). Don’t fret, September 2016 residential sales (140) compared to September 2015 (139) is basically a wash. Even with the decline in sales as we head into colder weather…

  • Sept 2016’s Year-To-Date sales slight INCREASE of 1.4% over September 2015 Year-To-Date sales.
  • Sept 2016’s 12 Month Running Total (1512) is a 0.3% INCREASE over last month’s.

○ The decrease in sales during the “slower” winter months could hamper attitudes towards putting your house on the market. Two items to digest…

  1. The historic low in available inventory provides less competition for those anxiously trying to sell their home. This is very good.
  2. The quality of buyers looking for homes in the winter are s-e-r-i-o-u-s. Meaning, their intention and motivation for looking is fo’ real. Spring and summer weekend house-hunting can turn into a hobby for some buyers. If people are fighting the wind and cold during the holiday season to view your property…they aren’t messin’ around.

 

As always, Questions…Comments? Call me. May the Force be with you.

*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 9.1.16 through 9.30.16. All information is believed to be accurate, but cannot be guaranteed.

 

AUGUST 2016: Augusta County, Staunton & Waynesboro

08-16_snapshot08-16_inventory08-16_sales

W H A T ‘ S   H O T . . .

○ We are still historically LOW-LOW-LOW with existing inventory. This has been great for sellers with appropriately priced listings under $300,000. For buyers, not so much…(see below.)

○  Residential Loan Interest rates are still LOW-LOW-LOW as well. (Click here for more on Kiplinger’s report on their predicted rate increase in December.)

○ The percentage of Sale Price to List Price has increased to 97.7% in August 2016. (**This percentage was at its lowest in the Winter of 2012 at 92%; and hovered around the 94%-95% range for last couple of years.)

  • 39% of August’s transactions sold for 100% OR MORE of Listing Price

○ August 2016 (158 sales) saw 8 more closed transactions than July 2016 (150 sales). August 2016 residential sales were 10.5% higher than last year’s August. (Commonwealth Daily has reported a 12.5% increase in Virginia’s 2016 August vs. 2015 August sales. This article attributes it to an inventory increase…which we didn’t see here in the Valley.)

  • Year-To-Date sales slight INCREASE of 1.3% over August 2015 Year-To-Date sales.
  • August 2016 saw the same 1.3% INCREASE in the 12 Month Running Total of Sales over last month.

○  Average Days on Market = 82 Days; Median Days on Market = 50 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. )

  • 40% of August’s Sales were available on the market for 30 DAYS or LESS.
    • 63% of those sales were on the market for 10 DAYS or LESS

 

W H A T ‘ S   N O T . . .

○ Inventory is LOW-LOW-LOW. Appropriately priced listings are not lasting long. Buyers should be working as a team with their real estate professional. That means, you may need to go see homes at inconvenient times. Point being…if you think a home may be “the one”, make the effort to get in there before it slips away. With the Fall season right around the corner, the “buyer competition” will probably slow down, but if inventory stays at this historical low, one will still need to move faster than usual.

Average Sales Price DECREASE…August 2016’s Average Sales Price was $184,666…

  • …an 8% DECREASE when compared to July 2016, ($200,725).
  • …a 5.5% DECREASE when compared to August 2015 ($195,498).

Tootles.

*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 8.1.16 through 8.31.16. All information is believed to be accurate, but cannot be guaranteed.

 

JULY 2016: Augusta County, Staunton & Waynesboro

BICENTENNIAL babies, those born in the Year of the Dragon…REPRESENT! July 2016 may not have been a record month in the history of real estate…but by-goodness, I turned 40, and I’m pumped. Here’s to another 40 years! Okay, enough about me, scroll below for your July 2016 real estate monthly snapshot…07-16_snapshot07-16_inventory07-16_sales

W H A T ‘ S   H O T . . .

○ July saw no increase in sold transactions, but we did see an increase in Market Volume ( INCREASE of $1.2 million), thus an INCREASE in Average Sales Prices.

  • Average Sales Price INCREASE – July’s Average Sales Price, $200,725; compared to June’s $192,600.
  • 43% of July’s Sales sold for 99% OR MORE of their Listing Price.
  • Hooray for the $350k – $399k price range market. They officially nudged their way out of the 3% pie slice. They represented 6% of sold properties in July.

○  Average Days on Market = 94 Days; Median Days on Market = 47 Days

  • Close to 50% of the closed transactions in July were on the market for 45 DAYS OR LESS.

W H A T ‘ S   N O T . . .

○ Compared to last year: July 2015, (160 sales) had 10 more sales than July 2016, (150). You can see from the visual, that 2015 had a rocky and unpredictable spring season, with an apex in July. This year, Spring 2016 was more consistent. July 2016’s YTD sales, (847) is a negligible 7 sales away from July’s 2015’s YTD sales, (854).

○ Another item of note that may have affected our local market, was the school calendar switch-a-roo. All of the schools ’round here began the first week of August. Yes, that makes for busy-busy summer vacation & obligation cramming within the shortened break. It also means school supply shopping in July…it’s not right, ya’ll!

*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 7.1.16 through 7.31.16. All information is believed to be accurate, but cannot be guaranteed.

 

JUNE 2016: Augusta County, Staunton & Waynesboro

It’s TOO DARN HOT and HUMID to think of anything witty at the moment. Please, enjoy the tantalizing charts and info below, as I am melting in the corner with an iced coffee…

06.16_SNAPSHOT06.16_INVENTORY06.16_SALES

W H A T ‘ S   H O T . . .

○ DEJA- VU –  Housing inventory is STILL historically low, yet the amount of closed transactions are increasing, making a pretty curve for the chart.

  • Compared to last month: June 2016 Sales (150) is an 6% INCREASE from May 2016 Sales (141)
  • Average Sales Price slight increase – June 2016 Average Sales Price, $192,600 compared to last month’s, $191,935.

○  Averaliljonge Days on Market = 97 Days; Median Days on Market = 47 Days……YEH-AH! (Said in best Lil’ Jon’s voice.)

  •           •  Close to 40% of the closed transactions in June were on the market for 30 DAYS OR LESS.
  •           •  Of those 40% homes sold, 41% sold at 100% or more of their List Price.

○ LAND SALES  are up and up, and away – As mentioned in a previous post, I was wondering how this low-inventory was going to affect the new construction in our market. I will let the bars speak for itself.LandSales_todate_7.13.16

 

○  ALL THE SINGLE LADIES, all the single ladies…” Per a recent article in REALTOR Mag, Single female homebuyers are the second largest home buying group, representing 18% of the whole, (married couples come in first at 54%.)  Discover how these single women are changing the home buying market, Read RISMedia’s Housecall article HERE.

W H A T ‘ S   N O T . . .

○  Higher priced inventory – Homes priced above $400,000 are at a standstill in our neck of the woods. On a positive note, if you are a buyer looking in this price range, there some beautiful homes to be had with little “other buyer” competition.

○ Compared to last year: June 2015 had 5 more sales than June 2016. You can see from the visual, that 2015 had a rocky and unpredictable spring season, with a skyrocket in June. This year, Spring 2016 was more consistent. We are 3 sales away from 2015’s YTD sales. Let’s see where June’s 235 pending sales places us in July.

Ciao.

*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 6.1.16 through 6.30.16. All information is believed to be accurate, but cannot be guaranteed.

 

MAY 2016: Augusta County, Staunton & Waynesboro

April showers bring May flowersmore showers?” The sky was the only thing crying ALL last month. Check out May’s sunny residential sales activity below…05.16_SNAPSHOT05.16_INVENTORY05.16_SALES

W H A T ‘ S   H O T . . .

○ DEJA- VU –  Housing inventory is STILL historically low, yet the amount of closed transactions are increasing.

  • Year over Year: May 2016 Sales (141) is a 12% INCREASE from May 2015 sales (126)
  • Compared to last month: May 2016 Sales (141) is an 8% INCREASE from April 2016 Sales (130)

○  Average Sales Price INCREASE – Year over Year: May 2016 Average Sales Price ($197,020) is 22% higher than May 2015 ($161,452).

○ The $200,000 – $249,999 represented the majority of sales in May, being 27% of the sold inventory…Kicking out the ever faithful lower priced brackets for the first time this year.

○  Average Days on Market – 108 Days; This number doesn’t look very appetizing for a home owner/seller. Stale inventory sales are affecting this number dramatically. Let’s take a different perspective…

  • 40% of the closed transactions in May were on the markBlueRidgeMansions_6.28.16_edited-1et for 30 DAYS OR LESS
    • Of those 40% homes sold, over half of them (60%) sold at 100% of their List Price.
    • Of those 40% homes sold, a little less than half (46%) were on the market for 10 DAYS or LESS.

○  Join me at the newly renovated Wayne Theatre this Tuesday evening, June 28th at 7:00p, to enjoy an historical lecture titled, “Mansions of the Blue Ridge: Swannanoa and Royal Orchard“. I have been salivating at the mouth for months.

 

W H A T ‘ S   N O T . . .

○  Higher priced inventory – Homes priced above $400,000 are at a standstill in our neck of the woods. On a positive note, if you are a buyer looking in this price range, there some beautiful homes to be had with little “other buyer” competition.

○ Year-to-Date Sales – Slightly behind on Total Year-to-Date sales. May 2016 YTD sales (533), is a DECREASE of 1.1% from May 2015 YTD sales (539). (*With that said, the 12 month running total is a marginable INCREASE of 1.2% from last month.)

Tootles.

*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 5.1.16 through 5.31.16. All information is believed to be accurate, but cannot be guaranteed.

APRIL 2016: Augusta County, Staunton & Waynesboro

IMG_0817 (1)On April 21st, I received a text from my husband using the acronym “O.M.G.”. (The FIRST and ONLY time I have EVER heard him say that. Which, I guess is something humorous from something so tragic.) Purple Rain was my very first cassette tape, (see to the left. “Yes”, that is the 1984 original, and “YES”, I still have a tape player in my car, DON’T JUDGE.)  With that said, my post this month has been visually adjusted with Prince on my mind, (I still get weepy thinking about it.)  On a similar note, has anyone else made the connection that the sky over Virginia has been crying ever since? Coincidence? I think not. Luckily, all of this rain has not slowed down the real estate market in our area. LET’S GO CRAZY with charts and stats below…

04.16_SNAPSHOT

04.16_INVENTORY

04.16_SALES

W H A T ‘ S   H O T . . .

○ DEJA- VU –  Inventory is waaaay-doooowwwwnnn. “How low is it?”, you may ask? Yada, yada, yada. You all have heard this from me before, in last month’s update. The low inventory is affecting the average Days on Market for properties sold in April. April’s average DOM was a pretty hefty number, 180 days. Again, this seems disheartening at first…but take a second look, and notice the MEDIAN is 74 days. Now, that looks much more attractive! Motivated buyers have limited choices when it comes to existing inventory…and they better act quickly if they see something new & attractive pop up on the Multiple Listing Service. From April’s sold transactions – those newly listed homes in March and April were scooped up in 10 days on average! The speed of light. I am certainly not saying we are out of the woods and in a “sellers’ market”, but it may be a good idea to read these tips if you are an active buyer.

○ I said it last month, and I will say it again, “Did I mention its a GREAT time to list your house?” (Especially if it fits in the $100k – $250k hot pocket.)

○  Average Sales Price INCREASE –

  • Year over Year: April 2016 Average Sales Price is 8.9% higher than April 2015.
  • Compared to last Month: April 2016 Average Sales Price is 5.5% higher than March 2016.

○  Monthly Closed Transactions INCREASE –

  • Year over Year: April 2016 Sales (130) is a 66.7% INCREASE from April 2015 sales (78)
  • Compared to last month: April 2016 Sales (130) is a 28.7% INCREASE from March 2016 Sales (101)
  • For a broader view of our beautiful state of Virginia’s real estate market,  CLICK HERE for a First Quarter commentary from Commonwealth Daily.

W H A T ‘ S   N O T . . .

○  The lack of inventory. With that said, I have noticed quite an addition of building lots coming back on the market. Many were withdrawn during the economic recession. It is good to see their fresh and glistening, grassy faces again. Let’s see how they move in the near future. I love the sound of power-tools and the sweet smell of cut wood in the morning. (Add to that, freshly sanded drywall and paint as well.)

○ Year-to-Date Sales – Even though we noted a significant INCREASE of 66.7% with comparison to April of last year; We are still slightly behind on our Total Year-to-Date sales. April 2016 YTD sales (389), is a DECREASE of 5.8% from April 2015 YTD sales (413). (*With that said, the 12 month running total is on the “up-and-up” with a 3.7% INCREASE from last month.)

○ The passing of the one and only, irreplaceable, the “Beautiful One”, Prince. Ugh.

I will leave you with WIRED Magazine’s compilation of Prince’s best videos available on YouTube, (link below.) His 2004 induction into the Rock and Roll Hall of Fame is my fav. INCREDIBLE!)

The Best Prince Videos Available Online – WIRED Online

 

*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 4.1.16 through 4.30.16. All information is believed to be accurate, but cannot be guaranteed.