Here’s what you need to know about Augusta’s luxury market.
Saint Patrick’s Day is behind us, and spring is here! I thought now would be a great time to give you a quick update on what’s happening in Augusta’s luxury market.
What constitutes the luxury market in Augusta? The average starting luxury home sits at around $750,000. The market was very strong last year, and many homes sold for over $2.5 million. Despite rising prices, interest rates are keeping houses relatively affordable, so now is a great time to purchase a luxury home.
I’ll talk more about this topic in the coming weeks. In the meantime, feel free to call or email me with any questions. I look forward to hearing from you!
Here’s what you need to know about the future of Augusta’s housing market.
The best way to predict the first quarter of 2022 is to look back at the end of 2021. That’s why today I want to share the numbers from December 2021.
We all know the average sales price in Augusta has been increasing for some time, but last December, it hit a new high of $279,796. Meanwhile, the median sales price was $249,973. As far as activity goes, we had 907 pending sales and 724 active new listings. We currently have very low inventory, and that’s driving up the average list-to-sales price ratio, which was 99.2%. My clients received an average list-to-sales price of around 103%, so there’s still room to get a fantastic deal in this market.
Augusta has always had a very high listed to sales price. Fortunately, Augusta has a broad economy, and our market has never been flooded with too much inventory. These factors mean that our market will likely remain strong throughout 2022.
If you would like any specific information about Augusta’s real estate market, please call or email me. I’d love to hear from you!
Here’s what’s been happening in the Augusta market over the summer.
Today I’ll update you on what’s happening in the Augusta real estate market. So much happened over the summer. We had a 17% increase in our sales price. It’s up to $270,587. Last month, we had almost 1,200 houses come on the market. A little more than that went pending, and about 890 houses closed. Inventory is still being outpaced by activity.
The list-to-sales price ratio for homes in Augusta is 100.01%. Expectations for pricing are outpacing reality. In the coming months, we’re going to have some disappointed sellers who can’t sell for 100% of the asking price.
We’re seeing more inventory coming on the market, and as we get further into fall, we’ll see activity slow down. If you’re considering selling, this is still prime time to do it. If you’re looking to buy a home, this is a good opportunity because rates are still very low. If you have any specific questions, feel free to reach out to me via phone or email. I can go in-depth with you individually on each neighborhood.
Here’s why luxury homeowners should be excited about recent market trends.
A few weeks ago, I told you about the double-digit price increases we were seeing in the real estate market overall. However, what applies to the market at our median price of $250,000 doesn’t always apply in the upper-end market.The luxury market in Augusta refers to homes priced at $750,000 and up. Right now, we have just a 14-month inventory in this section of the market. It might sound like a high number, but you also need to know that we had 23 months of inventory just a year ago. We always have a good bit of inventory in this market, and Augusta is known for its beautiful luxury homes.
If you’ve been thinking about buying a luxury home, this is a great time while inventory is low (relatively speaking). It’s also an advantageous time to sell a luxury home. In this market, people are better able to time their moves in the luxury market, so this is the time when you may consider making a move while inventory is down and sales are up. Applying supply and demand theory, this is a very advantageous market for sellers and an excellent time to sell.
If you have any questions about selling a home or the Augusta market in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
Here’s what you should know about our market as we get 2021 underway.
We’re finally into the new year, so you may be asking yourself, “How is the real estate market primed for 2021?” First of all, when interest rates are as low as they are right now (they’re one percentage point lower than they were at this same time last year), it bodes well for the real estate market and overall economy—2.38% is simply an unbelievable mark.
Typically, low inventory is desirable for homeowners since it drives prices up, but our inventory shortage is quickly becoming downright problematic; the market can’t move forward if there just aren’t any houses for sale, and many would-be buyers are backing off a little bit. Some have been priced out of the market, others without a pressing need to buy don’t feel compelled to grind it out in a bidding war, and others still are taking a more “wait-and-see” approach.
That said, our Augusta market is shielded from a lot of the national economic trends because we have so many people moving here all the time. All in all, now is an excellent time to sell your house, especially if you’re thinking about downsizing and want to maximize your equity amid an upturn in prices. It is important to note that national economists have flagged a few things that could pose legit problems for our market moving forward, such as the negative effect rising prices might have on the affordability index. (Thankfully, Augusta’s affordability index rating remains exceptional).
“Now is an excellent time to sell your house, especially if you’re thinking about downsizing and want to maximize your equity amid an upturn in prices.”
While no one has a crystal ball, we all know that the economy rises and falls; we’re in a peak now, so it’s a great time to ride the tide and sell your home for top dollar. If you have any questions on the market or are thinking about buying or selling property soon, don’t hesitate to reach out to us by phone or email. We’re always here to help, and we’d love to hear from you!
If you’ve been following the numbers in 2015, you know that there are more jobs in Augusta, and that affects the real estate industry greatly. We are seeing a lot of new people move to our area right now, which is creating tremendous opportunity in our city, a varied economic base.
We are absolutely poised for a big year in the market. We remember the explosive growth of real estate in the 1950’s and 1960’s, and are excited to usher in a new era of great home appreciation. Right now, homes are appreciating well. So if you’re considering buying, know that you will be able to sell your home for more than you purchased it for.
If you have any questions for us, give us a call or send us an email. We can’t wait to hear from you!