Septemer 2017 Augusta County Market Report

AUGUSTA COUNTY MARKET REPORT September 2017

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

4.01%

4.79%

4.66%

1,193

1,552

$197,502

*Differences indicated from September 2016 Greater Augusta Association of REALTORS® statistics, as of September 30, 2017

STAUNTON Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

300

2.65%

6.96%

-1.64%

387

$169,691

*Differences indicated from September 2016 Greater Augusta Association of REALTORSÂŽ statistics, as of September 30, 2017

WAYNESBORO Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

9.77%

7.45%

7.00%

281

346

$178,199

*Differences indicated from September 2016 Greater Augusta Association of REALTORSÂŽ statistics, as of September 30, 2017

AUGUSTA COUNTY Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

4.44%

4.73%

3.41%

612

819

$218,799

*Differences indicated from September 2016 Greater Augusta Association of REALTORS® statistics, as of September 30, 2017

SALES ACTIVITY THIS MONTH RESIDENTIAL SALES BY MONTH Augusta County, Including Staunton and Waynesboro Monthly Sales, 2013-2017

What This Chart Shows: Residential home sales by month, over the past 5 years. This chart helps show seasonal trends in home sales.

Bottom Line:

After four extraordinarily strong months, sales dropped to 124 during September. Overall the market conditions are good and we expect sales to be slightly stronger than average for the remainder of the year.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/17

SALES ACTIVITY THIS MONTH RESIDENTIAL PROPERTIES PLACED UNDER CONTRACT Augusta County, Including Staunton and Waynesboro 2013-2017

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:

Contract activity during September was stronger than normal for this time of year as conditions for buyers, with the exception of available inventory, remain very good.

Source: Greater Augusta Association of REALTORS® Multiple Listing Service, 9/30/17

SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro As of September 30, 2013-2017

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: The steady pace of sales continued in September with the Year-to-Date total 4% higher than last year at this time last year. This rate of growth is sustainable over the long term, and we expect it to continue.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/17

SALES TRENDS 12-MONTH RESIDENTIAL SALES Augusta County, Including Staunton and Waynesboro Month of September, 2013-2017

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: Similar to the Year-to-Date sales totals, the 12 Month numbers also represent a very sustainable rate of increase at 4.79% higher than last year.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/17

PRICING AVERAGE AND MEDIAN PRICE, 12 MONTH SALES Augusta County, Including Staunton and Waynesboro Month of September, 2013-2017

What This Chart Shows: 12 months average and median sales prices as of the date on the chart.

Bottom Line:

The rate of increase of the average and median sales prices appears to be accelerating, something we have been expecting for over a year. The average price of homes sold in the last year is $197,502 which is 4.66% higher than last year. We continue to believe prices will rise in response to low inventory number.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/17

INVENTORY MONTHS SUPPLY OF INVENTORY Augusta County, Including Staunton and Waynesboro as of September 30, 2017

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:

Overall inventory remains low but especially low in the City of Waynesboro and county properties, where the numbers continue to decline. The low inventory combined with the continued strong buyer activity will create an even more competitive environment for homes.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 9/30/17

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