While we are all celebrating the start to a new year and looking forward to all the opportunities that it will bring, I would like to take a moment to reflect on the Augusta Real Estate Market for 2011. The housing market continues to be in the news and on the top of people’s minds for the past couple of years and 2011 was no different.
I’m afraid to have to report that housing prices continued to decline slightly during 2011 which was expected as foreclosures continue to affect the housing market. The biggest portion of the housing market affected here in Augusta is what we call traditional equity resale homes – which normally is someone who is selling their home and they expect to get a check at the closing for the equity they earned while owning the home. I have to say that I saw more sellers having to come to closing with a check to write to the attorney just to get their home sold. And that just plain stinks! Below are the numbers for 2011.
Augusta Real Estate Residential Housing Market Stats for the Year of 2011:
- 4,888 Single Family Homes Sold during 2011
- Average Days on Market was 165 days
- Longest days on Market was 1,506 days
- Median Sold Prices were 1.67% Less than Asking List Price
- Median Selling Price of a Home was $142,825
Augusta Real Estate Residential Housing Market Stats for 2010:
- 4,954 Single Family Homes Sold during 2010
- Average Days on Market was 156 days
- Longest days on Market was 3,389 days (Wow!)
- Average Sold Prices were .81% Less than Asking List Price
- Median Selling Price of a Home was $145,000
Total sales for 2011 in the Augusta Real Estate market were down 1% from 2010 and with home prices also down a little over 1% from last year. I attribute the decline in prices to the amount of foreclosures currently on the market in the Augusta market. I also attribute the decline in Augusta home sales to changes in the mortgage industry especially with FHA loans.
The bright spot is the amount of cash purchases for 2011, which points to an increase of investors in our housing market. Once again, more homes (2,134 total) in the $100,000 to $199,999 price range were sold in the Augusta Area which repeats the trend from 2010. The next largest price range of homes sold in Augusta was under $100,000 (1,501 total).
Augusta Real Estate Market:
For Buyers: As you can see, the Augusta Real Estate market is still a strong buyers market. Lots of inventory remains and interest rates continue to be at all time lows, making this a great time buy a home whether it’s for an investment or a personal residence.
For Sellers: We are still in a strong buyers market, so hold onto your home or property for at least the next year. If you must sell, then make sure your home or property is in the best condition possible. This market is a price war and beauty contest all at the same time!
If you need a current Market Analysis for your home or property, please give me a call or just go to What’s My Home Worth and fill in the basic information.Susan MacEwen, Realtor Greater Augusta Home Search! Keller Williams Realty Augusta Partners Mobile: 706-294-6795 Office: 706-868-3772 x207 * All data was provided by the Great Augusta Association of Realtors Multiple Listing Service from a report dated January 08, 2012.