AUGUSTA COUNTY MARKET REPORT September 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
9.45%
4.81%
0.11%
1,147
1,481
$188,713
*Differences indicated from September 2015 Greater Augusta Association of REALTORS® statistics, as of September 30, 2016
STAUNTON Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
20.55%
17.45%
2.70%
305
377
$158,643
*Differences indicated from September 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of September 30, 2016
WAYNESBORO Units Sold Year to Date
12 Month Residential Sales
12 Month Average Sales Price
11.79%
4.55%
3.95%
256
322
$166,541
*Differences indicated from September 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of September 30, 2016
AUGUSTA COUNTY Units Sold Year to Date
3.53%
586
12 Month Residential Sales
12 Month Average Sales Price
782
$211,581
-0.26%
-0.82%
*Differences indicated from September 2015 Greater Augusta Association of REALTORS® statistics, as of September 30, 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: For the first time this year, month-over-month sales fell in Augusta county although remained very strong with 136 sales in September. The fact that there has not been a dip in the market prior to this month is very unusual and indicates a strong market, which is gaining more strength. This month’s sales, while a drop from last month, still represents the highest level of sales in September for the past several years. Source: Greater Augusta Association of REALTORSŽ Multiple Listing Service, 9/30/16
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: Buyers ratified contracts on 139 homes in Augusta County this month. While a significant drop from July and August, this number is very comparable to last September. As conditions remain very favorable for home buyers, we expect buyer activity to remain strong through the fall. Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/16
SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro September 30, 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 through the first 9 months of the year sales have increased 9.45%. Staunton has enjoyed the largest increase of sales at 21%, in Waynesboro sales are up 12%, and Augusta County properties (those not in Staunton and Waynesboro) have only increased 3.5%. Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/16
SALES TRENDS 12-MONTH RESIDENTIAL SALES Augusta County, Including Staunton and Waynesboro As of September 30
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 September (1,413 homes) continues a trend of steady year-over-year increases and is a 4.8% increase over September 2015. Looking back for years, we can see that sales have risen 36%. Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/16
PRICING AVERAGE AND MEDIAN PRICE, 12 MONTH SALES Augusta County, Including Staunton and Waynesboro September 30, 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 $189713, slightly higher than last month’s average but less than 1% than at this point last year. 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, 9/30/16
INVENTORY MONTHS SUPPLY OF INVENTORY Augusta County, Including Staunton and Waynesboro September 30, 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 continued strong buyer activity has reduced the supply of homes to about 5.5 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, 9/30/16
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