AUGUSTA COUNTY MARKET REPORT July 2016
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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
9.47%
4.87%
2.51%
844
1,464
$191,278
*Differences indicated from July 2015 Greater Augusta Association of REALTORS® statistics, as of July 31, 2016
STAUNTON Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
24.46%
22.44%
3.68%
229
371
$158,925
*Differences indicated from July 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of July 31, 2016
WAYNESBORO Units Sold Year to Date
10.59%
188
12 Month Residential Sales
321
-0.31%
12 Month Average Sales Price
0.59%
$164,813
*Differences indicated from July 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of July 31, 2016
AUGUSTA COUNTY Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
2.40%
0.13%
4.23%
427
772
$217,830
*Differences indicated from July 2015 Greater Augusta Association of REALTORS® statistics, as of July 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: July’s residential sales of 152 homes represents a slight increase from June’s total of 150, but more importantly continues the trend of increases in monthly sales in every month so far during 2016. Typically real estate sales ebb and flow throughout the year, seven straight months of increases is extraordinary. Source: Greater Augusta Association of REALTORS® Multiple Listing Service, 7/31/16
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: According to the Greater Augusta Association of Realtors’ Multiple Listing Service Buyers ratified contracts on 218 homes in Augusta County (including Staunton and Waynesboro) in July. This is an amazing number, and is substantially higher than any other monthly total in recent years. This is an excellent sign that the inventory on the market, which has been a bit higher than expected, is being snapped up by Buyers. Source: Greater Augusta Association of REALTORSŽ Multiple Listing Service, 7/31/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro July 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: Through the first half of 2016, there were 685 homes sold in Augusta County (including the cities of Staunton and Waynesboro). This number represents a 12% increase over the first six months of 2015 – quite a jump, with the City of Staunton seeing a 25% increase in the number of homes sold. Source: Greater Augusta Association of REALTORSŽ Multiple Listing Service, 7/31/16
SALES TRENDS 12-MONTH RESIDENTIAL SALES Augusta County, Including Staunton and Waynesboro As of July 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 July (1,464 homes) continues a trend of steady year-over-year increases. 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, 7/31/16
PRICING AVERAGE AND MEDIAN PRICE, 12 MONTH SALES Augusta County, Including Staunton and Waynesboro July 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 $191,278, a 2.5% increase over last year. We expect the rate of price increases to go up slightly as the inventory currently on the market is purchased and the supply of homes tightens. Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 7/31/16
INVENTORY MONTHS SUPPLY OF INVENTORY Augusta County, Including Staunton and Waynesboro July 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: A general rule of thumb in the real estate industry is 5 – 6 months’ supply of inventory on the market represents a healthy market that is generally balanced between Buyers and Sellers. This month, for the first time in recent years, the supply in Augusta County dipped below 6 months to 5.85. This tells us supply is tightening, and we are currently in a fairly balanced market. This is a great sign and bodes well for the Fall market as well as Spring 2017. Source: Greater Augusta Association of REALTORS® Multiple Listing Service, 7/31/16
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