2016 Augusta County Market Report Annual Recap

AUGUSTA COUNTY MARKET REPORT December 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

6.21%

6.21%

0.51%

1,505

1,505

$189,221

*Differences indicated from December 2015 Greater Augusta Association of REALTORS® statistics, as of December31, 2016

STAUNTON Units Sold Year to Date

12 Month Residential Sales

17.07%

17.07%

391

391

12 Month Average Sales Price

$157,389

-0.01%

*Differences indicated from December 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of December31, 2016

WAYNESBORO Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

4.21%

4.21%

6.13%

322

322

$166,774

*Differences indicated from December 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of December31, 2016

AUGUSTA COUNTY Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

2.33%

2.33%

$214,062

792

792

-0.20%

*Differences indicated from December 2015 Greater Augusta Association of REALTORSÂŽ statistics, as of December31, 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 4 years. This chart helps show seasonal trends in home sales.

Bottom Line:

2016 finished strong with 113 residential sales in December. Combined with November’s totals, sales made a nice rebound from the fall decline.

Sales in December were very consistent with the past two years.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 12/31/16

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

Buyer activity slowed in December with 80 homes going under contract. While typical for this time of year, this is a significant decrease from the past several months.

Source: Greater Augusta Association of REALTORS® Multiple Listing Service, 12/31/16

SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro December 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 topped 1,500 for the first time in many years increasing slightly over 6% from last year. After double digit increases in sales in 2013 and 2014, the past two years have shown a consistent 6% growth. This is a healthy, sustainable number.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 12/31/16

PRICING AVERAGE AND MEDIAN PRICE, 12 MONTH SALES Augusta County, Including Staunton and Waynesboro Month of December, 2012-2016

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

Bottom Line:

Despite strong buyer activity and shrinking inventory, the average price of homes sold remained nearly flat in 2016 settling in at $189,843. We feel the combination of lower inventory and favorable market conditions for Buyers will create upward pressure on pricing in the spring.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 12/31/16

INVENTORY MONTHS SUPPLY OF INVENTORY Augusta County, Including Staunton and Waynesboro December 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:

As has been the case in Rockingham County over the past 2 years, the supply of homes for sale in Augusta County continues to shrink and now stands at only 4.39 months at the current pace of sales. This number is 33% below this time last year, and in the city of Waynesboro, supply has reduced 43% compared to 2015’s figures. Homeowners planning to sell in 2017 should consider going on the market now while there is little competition.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 12/31/16

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