The third quarter has come and gone which means it’s time to take a look back at how our market performed this past quarter. We are excited to release the Q3 2017 Shenandoah Valley Nest Report. Total sales were down ever so slightly year-over-year this past quarter, but overall sales activity in the greater Augusta region has been stable and consistent the past five years. The decline in inventory levels we’ve experienced over the course of the year has played a significant role in constraining total sales. This is a trend we are seeing not only across the state of Virginia, but throughout the country.
In addition to limiting sales activity, depressed inventory levels are also putting upward pressure on prices. What we are experiencing in our marketplace are the basic principles of supply and demand. Fewer homes available for sale means buyers have fewer options to choose from giving sellers the ability to command higher prices, pushing some buyers out of the market. This trend has been the most evident in sought after areas such as Staunton where the median sales price rose from $158,000 in Q3 2016 to $201,500 this past quarter. Rising prices may lead more homeowners to list their home for sale in the coming months.
Continue reading for highlights from the third quarter performance and be sure to read the full Q3 2017 Shenandoah Valley Nest Report to learn more about the Staunton, Waynesboro, Fishersville, Stuarts Draft, and Harrisonburg real estate markets.
- Total sales declined 2% year-over-year.
- Median sales price increased from $197,500 in Q3 2016 to $210,000 this past quarter.
- Average days on market dropped to 74 days.
- Total sales dropped 11% year-over-year.
- Median sales price increased from $158,000 in Q3 2016 to $201,500 this past quarter.
- Number of contracts written increased 8% year-over-year.
- Single family home sales increased nearly 4% compared to Q3 2016.
- Average price per square foot increased more than 9% year-over-year.
- Average days on market dropped to 53 days.
Have questions? Contact your Nest broker today to learn more about current market conditions and find out what this report means for you.