May 2017 Augusta County Market Report

AUGUSTA COUNTY MARKET REPORT May 2017

Presented by:

K L I N E RMe aAl tYy

STAUNTON, WAYNESBORO & AUGUSTA COUNTY Units Sold Year to Date

12 Month Residential Sales

7.88%

6.59%

575

1,553

12 Month Average Sales Price

$191,223

-1.41%

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

STAUNTON Units Sold Year to Date

149

-8.76%

12 Month Residential Sales

14.81%

403

12 Month Average Sales Price

$158,885

-1.51%

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

WAYNESBORO Units Sold Year to Date

12 Month Residential Sales

12 Month Average Sales Price

26.36%

16.89%

8.67%

139

353

$176,149

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

AUGUSTA COUNTY Units Sold Year to Date

0.35%

287

12 Month Residential Sales

12 Month Average Sales Price

797

$214,267

-0.87%

-2.49%

*Differences indicated from May 2016 Greater Augusta Association of REALTORS® statistics, as of May 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:

Residential sales surged to 168 homes in May. This is the highest monthly total since October of 2015. The very strong contract totals over the past three months would indicate at least one or two more months of very strong sales ahead.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 5/31/17

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:

While not as busy as March and April, 158 homes went under contract during May, which is a very healthy number and coincidentally the same number as last May. The market continues to be busy, and we expect strong contract numbers in June.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 5/31/17

SALES TRENDS RESIDENTIAL UNITS SOLD YEAR TO DATE Augusta County, Including Staunton and Waynesboro Month of May, 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: Strong sales in May pushed the Year-To-Date total to 575, 7.9% higher than the first five months of last year. This level of growth is healthy for our market, and we expect it to continue throughout the year.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 5/31/17

SALES TRENDS 12-MONTH RESIDENTIAL SALES Augusta County, Including Staunton and Waynesboro Month of May, 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 increase, our 12 Months Totals are 6.6% higher than our total from last year. The sales growth has been in the cities of Staunton and Waynesboro, with sales in the county actually seeing a slight decline.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 5/31/17

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

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

Bottom Line: Astonishingly, prices appear to have dropped with both the average and median sales price below where they were last year. Both the city of Staunton and Augusta County saw declines, while average prices in the city of Waynesboro are up 8.7%. We believe the declines were are seeing can be attributed to the type of homes being sold rather than an actual loss of value.

Source: Greater Augusta Association of REALTORSÂŽ Multiple Listing Service, 5/31/17

INVENTORY MONTHS SUPPLY OF INVENTORY Augusta County, Including Staunton and Waynesboro as of May 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 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, 5/31/17

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