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Augusta Home Prices Fall, Inventory Increases in November

I just finished my monthly number crunching for the Augusta real estate market for November, and there is no denying that home prices are dropping.

Here are some of my key takeaways from the November stats:

– The average home price market wide was down 0.86 percent in November compared to October. That’s an annualized decrease of almost 11 percent.

– Housing inventory now stands right at 3 months supply, triple what it was just 6 months ago.

– Homes are still selling for an average of 97 percent of list price, and in many cases, sellers are willing to contribute to the buyer’s closing costs.

Adding to the good news for buyers is the fact that mortgage interest rates have been steadily dropping over the last month and may drop even more in the coming weeks if the 10 year treasury yield rates tend to follow continues its recent plunge.

THE BOTTOM LINE: If you need to sell your home, everything above sounds like bad news at the surface, but remember that, while your home may not sell for as much as earlier this year, you will also not pay as much for the next one.

Add in the fact that interest rates appear to be settling back down to earth and that the number of homes to choose from has basically tripled in the last few months, and it is really not a terrible time to buy or sell a home. You could say it is a neutral market.

For a free estimate of your home’s current value, fill out the form found at the following link, and I will be happy to let you know where you stand in the current market: https://www.thestillteam.com/sell/

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