Sat, March 02, 2024

Real Talk Real Estate: Spring fever market update: Sunny with a side of “oh my”

There is much news to share regarding all things real estate in the AUG this week. First, I want to let you know that I have heard a tale of a VA loan with a 5% interest rate! Will you qualify for 5%? Probably not, but it is a start towards what I hope will encourage the fence riders to hop on down!

I come to you today with a quick market update. Take this information as you will, but remember, owning a home will always be a wise step toward building wealth.

Currently in the Greater Augusta Board of Realtors area, servicing most of the CSRA, we have 1,268 residential properties available for purchase and 1,163 homes in the pending status. Of these, there are 514 homes listed between $200,000 and $350,000. This is the most commonly sought price point for buyers.

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The statistics for all the currently pending homes fall LISTED for sale at $143 per square foot on AVERAGE. They also have an AVERAGE of 2,200 square feet and 3.7 bedrooms. Who has a 3/4 bedroom anyway? I mean, what a weird statistic right?

The total for CLOSED sales in the last 3 months is 1,745 homes. This is an average of 582 homes closing per month during the first quarter of 2023. It appears the MEDIAN closed price is coming in at $141 per square foot for these homes. Make sure to check out the graph showing the statistics for days on the market regarding how long it is taking to sell. This is a very important chart for buyers and sellers to be familiar with.

Currently, we are on target to see the number of closings each month tick up. Generally, as the weather is improving, the market is following suit. Last year during the first quarter of 2022, we had 2,326 homes sold and they sold for a MEDIAN sales price of $132 per square foot. So while we have less sales overall, prices are STILL UP. Supply and demand will continue to drive the market here in Augusta because we have a very stable employment environment.

The kicker to thriving in this market is understanding that homes go stagnant very quickly, if left on the market at the wrong price. Make sure you are realistic about the value of your home, and you price it accordingly, and it will sell and should not take more than 60 days. If you haven’t already checked out my chart regarding days on the market, make sure you look at it. This will help you see that once a home has sat for 60 days, it’s usually downhill from there!

The story is the same now as it was before. We have a stable market, the good homes will sell quickly, and you are not too late to make a move!

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