June 2017 Augusta County Market Report

AUGUSTA COUNTY MARKET REPORT June 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

9.93%

7.46%

0.04%

753

1,571

$192,291

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

STAUNTON Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

7.03%

11.26%

1.33%

198

405

$161,645

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

WAYNESBORO Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

16.67%

8.86%

9.16%

175

344

$176,283

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

AUGUSTA COUNTY Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

8.57%

5.12%

$214,089

380

822

-2.62%

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

Bottom Line:

For the second month in a row, residential sales were extremely strong in Augusta County. Over the past two months, 334 homes have sold, which is over 25% higher than the Monthly Sales Average for the past 3 years.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 6/30/17

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:

Buyers ratified contracts on 155 homes during the month of June, a similar pace to May’s 158. While neither of these were as strong as March or April, they are typical of this time of year and are coincidentally exactly the same as last May and June.

Source: Greater Augusta Association of REALTORS® Multiple Listing Service, 6/30/17

SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro Month of June, 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: Sales Year-to-Date are nearly 10% higher than this point last year. It seems that the boom in the market came at the beginning of the summer this year, while last year it came at the end of the summer. We expect the rate of increase in sales to slow slightly as the year goes on.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 6/30/17

SALES TRENDS 12-MONTH RESIDENTIAL SALES Augusta County, Including Staunton and Waynesboro Month of June, 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: 12 Months Sales as of the end of June increased 7.5% over last year and continue the steady year-over-year increases we have seen in the recent past. Over the long term, we expect this to decrease slightly, getting closer to 5%.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 6/30/17

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

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

Bottom Line: In spite of the strong sales, prices have not risen in the city of Staunton or in the county. Waynesboro, however, has seen a price increase of over 9% compared to last year. This overall pricing trend is puzzling, and we continue to believe prices will rise due to pressure from Buyers.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 6/30/17

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

The inventory is now significantly below historic norms especially in the city of Waynesboro, which also has seen a 17% increase in sales. Low inventory often creates competitive situations, Buyers and Sellers should be sure to talk with their agent about how to handle multiple offers.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 6/30/17

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