Housing numbers for December 2022 are in, and it is mostly good news for the Augusta, Columbia County, Fort Gordon and North Augusta area real estate market.
The number of homes sold through the Greater Augusta Association of REALTORS MLS increased from 577 homes in November to 634 in December – an 18 percent jump. Further, the months supply of inventory decreased by 16 percent from 2.73 months in November to 2.30 months, while the number of current active listings as of today is down 7 percent compared to one month ago, from 1,573 listings to 1,459.
Meanwhile, the average price of a home in the CSRA was virtually unchanged in December, but still down for the fourth consecutive month by 0.11 percent month to month. That’s an annualized decrease of 1.32 months. This is a decrease, but a smaller decrease than recent months. This number is also a bit deceptive, since it does not account for seller paid closing concessions and other incentives now being offered by sellers that were rarely offered just one year ago and are equivalent to a price reduction.
I was definitely encouraged by these numbers, but the modest bounce in the market could easily be driven by the fact that interest rates have fallen substantially since early November, which has probably been just enough to lure those itching/needing to move off the fence to take advantage of the lower rates. As long as interest rates continue to fall, or at least not increase significantly, I think home values will hold steady, and our market will remain a healthy, neutral market. Of course, if I knew the answer to that question, I would delete this blog and go buy
Please take a look at the stats below and let me know what you think in the comments below!