AUGUSTA COUNTY MARKET REPORT August 2016
Presented by:
K L I N E RMe aAl tYy
STAUNTON, WAYNESBORO & AUGUSTA COUNTY Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
10.08%
5.20%
1.28%
1,005
1,476
$189,681
*Differences indicated from August 2015 Greater Augusta Association of REALTORS® statistics, as of August 31, 2016
STAUNTON Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
26.61%
25.66%
1.23%
276
382
$155,834
*Differences indicated from August 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of August 31, 2016
WAYNESBORO Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
10.59%
1.90%
3.17%
220
322
$165,552
*Differences indicated from August 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of August 31, 2016
AUGUSTA COUNTY Units Sold Year to Date
2.21%
509
12 Month Residential Sales
772
-1.40%
12 Month Average Sales Price
2.88%
$216,561
*Differences indicated from August 2015 Greater Augusta Association of REALTORS® statistics, as of August 31, 2016
SALES ACTIVITY THIS MONTH RESIDENTIAL SALES BY MONTH Augusta County, Including Staunton and Waynesboro Monthly Sales, 2013-2016
What This Chart Shows: Residential home sales by month, over the past 3 years. This chart helps show seasonal trends in home sales.
Bottom Line: August’s residential sales of 154 homes represents yet another slight month over month increase and continues the trend of increases in monthly sales in every month so far during 2016. Since real estate is a seasonal business, eight straight months of increases is extraordinary. Source: Greater Augusta Association of REALTORSŽ Multiple Listing Service, 8/31/16
SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Harrisonburg and Rockingham County 2013-2016
What This Chart Shows: The number of residential properties on which Buyers and Sellers entered into contracts each month. This is an excellent indicator of future sales.
Bottom Line: The frenetic pace of new contracts we saw in July continued in August with 181 properties going under contract. Although a decrease from July, this is the highest total in recent memory with the exception of last month. Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 8/31/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro August 31, 2016
What This Chart Shows: Total residential sales from January 1 until the date on this chart, for each of the past five years.
Bottom Line: Residential sales continue to outpace last year and in August we exceeded 1,000 homes sold for the year. This represents a significant increase over the first eight month’s sales in prior years and is 10% higher than last year. Source: Greater Augusta Association of REALTORSŽ Multiple Listing Service, 8/31/16
SALES TRENDS 12-MONTH RESIDENTIAL SALES Augusta County, Including Staunton and Waynesboro As of August 31
What This Chart Shows: Total sales for the last 12 months, as of the date on the chart. This is one of the best ways to see the true long term trend in the market.
Bottom Line: Like the Year-to-Date totals, the running 12-month sales total at the end of August (1,476 homes) continues a trend of steady year-over-year increases and is a 5.7% increase over August 2015. This, combined with the extraordinary number of homes going under contract is a strong indicator that the market is continuing to accelerate in Augusta County. Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 8/31/16
PRICING AVERAGE AND MEDIAN PRICE, 12 MONTH SALES Augusta County, Including Staunton and Waynesboro August 31, 2016
What This Chart Shows: 12 months average and median sales prices as of the date on the chart.
Bottom Line:
While prices are not increasing at a comparable rate to the pace of sales, they are increasing at a steady, manageable pace. The 12-month average of homes sold in Augusta County is $189,681, slightly lower than last month’s average but higher than the average in August 2015. We expect the rate at which prices increase to go up slightly as the inventory currently on the market is purchased and the supply of homes tightens. Source: Greater Augusta Association of REALTORSŽ Multiple Listing Service, 8/31/16
INVENTORY MONTHS SUPPLY OF INVENTORY Augusta County, Including Staunton and Waynesboro August 31, 2016
What This Chart Shows: Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales.
Bottom Line: Throughout this year the inventory of homes for sale in Augusta County has been higher than we expected. The ferocious pace of new contracts over the last 60 days has reduced the supply of homes to about 6-months at the current pace of sales. As a general rule of thumb, a market is considered to be balanced between Buyers and Sellers when the supply of homes is between 5-6 months. Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 8/31/16
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