Here is our monthly market report for the Augusta Real Estate market. The numbers are collected through the end of April 2012. Blanchard & Calhoun is encouraged by the report and look forward to a great summer.
We saw an increase in our inventory over the past month, up 4.5% but down 7.9% compared to 2011. The Augusta area always sees an increase in our inventory during the spring and summer. We should expect the numbers to trend up through August.
The pending sales remain flat compared to March 2012 and trended up 18.7% over last year. The good news with our pending sales(contracts) is we should see our closed sale numbers improve over the summer.
The Closed sales were down 12.4% over the previous month and down 3.3% compared to 2011. The Average active price in our market is 191,000 and the average sold price is 157,000. The Average days on market are running 168 days and Augusta has a 10.2 month supply of homes.
Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.
The index is now at the highest level since April 2010 when it reached 111.3.
How is Augusta looking compared to the National Report? Augusta Real Estate is trending up as well. The Real Estate Market is showing pending sales up 31.5% over February 2012, up 4.6% over Same month in 2011 and up 10.4% over same quarter in 2011. We feel good about these signs, but are still cautious until we see more consistent data
Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” he said.
“The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses,” Yun said.
Blanchard and Calhoun Institute of Real Estate offers the finest in real estate education. Our instructors have over 53 years experience in the real estate industry.
We offer in-class and on-line Pre-License, Post-License, Broker Pre-License Courses and Continuing Education courses approved by the Georgia Real Estate Commission. Our next in-class Pre-License Course schedule is April 19, 2012 through June 25, 2012. Post License Courses will start March 13th . Ethics Classes are available monthly at Reynolds Ridge neighborhood. Call Beth Browder for more information or to sign up for any of these classes at 706-868-1000 or email her at bbrowder@blanchardandcalhoun.com
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