With summer in full swing, we are excited to release our 2018 Shenandoah Valley Mid-Year Market Report. Understanding what’s going on in the market allows us to equip our clients to make confident, informed decisions. It also gives us an idea of what the future holds.
Although total sales dipped slightly across the Greater Augusta area, on the whole our market is quite strong.
- There were 710 total sales in the Greater Augusta area in the first half of 2018, which is down 1.6% compared to 2017, but right on par with the average total sales over the past five years. Staunton and Waynesboro were on opposite ends of the spectrum in terms of total sales trends in the first half of the year. Total sales in Staunton increased 8% year-over-year while total sales in Waynesboro declined 15% year-over-year. Stuarts Draft experienced the greatest growth in total sales in the first half of 2018 compared to 2017 rising more than 31%.
- Almost every locale across our region experienced significant increases in sales prices in the first half of the year. The median and average sales price in the Greater Augusta area increased more than 9% and 8% respectively. The primary reason behind increasing sales prices has been declining inventory levels. At the end of this past quarter, there was approximately 2.5 months of inventory across the Greater Augusta area. These current conditions strongly favor sellers as they are able to command higher prices since buyers have fewer options to choose from. If these conditions persist, it will continue to put upward pressure on prices.
Be sure to check out the full 2018 Shenandoah Valley Mid-Year Market Report here for more info on how the market performed in the first half of the year.
Whether buying or selling, it is increasingly important in current market conditions to talk with your Nest Broker about how your home fits into the bigger picture. They will advise you and prepare you to make knowledgable decisions and help you achieve your real estate goals. Interested in what’s happening in other markets? To view all of our area market reports, click here.
Have questions? Contact your Nest Broker today.