July 2017 Augusta County Market Report

AUGUSTA COUNTY MARKET REPORT July 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

6.64%

6.76%

1.17%

900

1,563

$193,519

*Differences indicated from July 2016 Greater Augusta Association of REALTORS® statistics, as of July 31, 2017

STAUNTON Units Sold Year to Date

228

-0.44%

12 Month Residential Sales

12 Month Average Sales Price

5.12%

2.45%

390

$162,813

*Differences indicated from July 2016 Greater Augusta Association of REALTORSÂŽ statistics, as of July 31, 2017

WAYNESBORO Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

15.96%

9.03%

6.32%

218

350

$175,233

*Differences indicated from July 2016 Greater Augusta Association of REALTORSÂŽ statistics, as of July 31, 2017

AUGUSTA COUNTY Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

6.32%

6.61%

$215,846

454

823

-0.91%

*Differences indicated from July 2016 Greater Augusta Association of REALTORS® statistics, as of July 31, 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 4 years. This chart helps show seasonal trends in home sales.

Bottom Line:

Strong sales continued in July with 142 homes selling. This makes the average over the past three months, 159 home sales per month, which is significantly higher than the past several years. An increase in contract activity in July indicates that strong sales will continue for the next couple of months.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 7/31/17

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:

The number of properties on which buyers placed contracts in July rose to 183. Our agents report very strong buyer activity in all price ranges as we head towards the end of summer.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 7/31/17

SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro As of July 31, 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: Year-to-Date residential sales figures increased to 900 by the end of July, approximately 6.5% higher than last year at this point. With the strong buyer and contract activity that we are currently seeing, we expect this rate of increase to continue.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 7/31/17

SALES TRENDS 12-MONTH RESIDENTIAL SALES Augusta County, Including Staunton and Waynesboro Month of July, 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: The 12 Months Sales total increased to 1,563 by the end of July, approximately 6.5% higher than last year at this point. The fact that the Year-toDate and 12 Month increases over the prior year are nearly identical indicates that sales have been steady this year compared to the past full year.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 7/31/17

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

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

Bottom Line: The story with pricing remains the same with the average and median prices rising at a very slow rate over the past two years. The average price of homes sold in the last year is $193,519, only 1.2% higher than a year ago. We continue to believe prices will rise in response to low inventory numbers.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 7/31/17

INVENTORY MONTHS SUPPLY OF INVENTORY Augusta County, Including Staunton and Waynesboro as of July 31, 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:

The inventory remains below historic norms especially in the city of Waynesboro, which also has seen a 16% increase in sales and a 6% increase in average price. The low inventory combined with strong buyer activity (reflected in the increase in contracts) will create an even more competitive environment for homes.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 7/31/17

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