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Augusta/ North Augusta Real Estate market

By
Real Estate Broker/Owner with Blanchard and Calhoun

   It happen again. Every-time I open the paper, turn on my computer their is another story about the housing industry. the news is never good. The latest was existing home sales have reached a 5 year low. Builders are having record losses. I decided to look at some numbers.

 Jan 1 2006 to Sept. 27 2006                                        Jan 1 2007 to Sept. 27 2007

               5932                         Homes Sold                                5450

                 81                         days on market                              89

                99%                        List to sell ratio                              98%

           $155,096                       Avg. Sale Price                          $159,411

           $209,913                   Avg. 4+bedroom Price                    $218,051

           $124,999                   Avg. 3 bedroom Price                     $129,365

 

  As the numbers tell us we have a good Real estate market. The number of homes that have sold is down, but the home prices have increased. The average days on the market is still below 90 days. The list price to sell price ratio is 98%. The inventory of homes for sell is high for this area, but these numbers are great and show The CSRA is great place to live. The interest rates are around 6%. This is a good time to buy a home in Augusta Georgia

Anonymous
Look for a Home

I do not completely agree with your assessment.

Many agents are just re-listing homes at a lower price to keep the list to sales ratio artificially high.  Additionally, agents are not showing the numerous incentives sellers are extending to buyers.  Homes sales in Augusta dropped significantly in September, and there was an increase in the gap between the list price and the sales price on numerous properties that sold in the last few days of September.

We are just starting to see the wide use of advertised price reductions in October.   This market is on the edge of a price correction!

Oct 30, 2007 05:36 AM
#1
Anonymous
joe smith
Does this work?
Oct 30, 2007 05:38 AM
#2
Anonymous
New Home

Tom,

 With all the additional inventory and fewer buyers in the market, it looks like Augusta is developing its own housing bubble.  Prices are dropping and inventives are raising significantly, but the inventory continues to increase, while builders finish the first phase of new subdivisions.  We all know that in the short-term prices will continue to fall, but long-term it may take 5-6 years before prices fully recover.  Unless you can purchase a home and get a huge discount combined with huge incentives, I would not be in this market.

Your thoughts?   

    

 

 

 

 

Jan 21, 2008 09:25 AM
#3