Stacie's Take on Real Estate and Living in Augusta GA

Now that's news! There was a much welcomed front page headline in the Augusta Chronicle today. There it was in black and white how Augusta has maintained growth (albeit limited) in times when national numbers have plummeted. I think this can in part be credited to the consistently moderate growth patterns that the Augusta area has had. Historically, we've seen 5-7% annual increases when other areas were posting 20-30 percent increases. Those areas with explosive price increase are now taking equally explosive hits.

As a Realtor, I was ecstatic to see this news in print. We've been so bombarded with negative press over the last year that it's been hard to convince clients, friends, and family otherwise. We've tried to explain how relatively stable the housing market is here in Augusta. We've tried to explain that even though we're seeing changes in market numbers, that we're not in a dive. The housing world as we know it is not coming to an end. (That comment came from a fellow Realtor and not a client :) Bottom line: the skyrocketing appreciation rates crossed paths with the affordability index and the affordability index won! Sure we'll have sluggish numbers for a while - only a crystal ball will tell how long for sure - but that's to be expected. What goes up must come down. How fortunate are the homeowners in Augusta that we're seeing a dip and not a valley!

Hang tight Augusta- you're in a great position...

www.AugustaGALiving.com

Coming in June!

June 4 : Happy Feet (PG)

June 11: Curious George (G)

June 18: Madagascar (PG)

June 25: Herbie Fully Loaded (G)

Free admission at the Performing Arts Center in Evans, showtime is at 1pm, tickets available at 12pm - Limited seating - only bottled water allowed. For more information, call (706)312-7191.

See you there!

If you're like most people this holiday weekend, you'll be spending time at home instead of on the road. I heard today that this is the first Memorial Day this decade that is reporting a decrease in travel. Go figure! (With gas at $3.79/gal, who wants to drive?)

If you're staying close to Augusta this weekend, why not head out to Thurmond Lake? Although the weather predictions look rainy for Saturday, Sunday and Monday are supposed to be in the low to mid 80s and SUNNY - great lake weather! There are several great picnic and swimming spots - perfect for family fun. Two of my favorites are Lake Springs and West Dam. There are grills at several spots for cooking up hotdogs and hamburgers. The kids might enjoy a version of their own!

As we remember and are thankful for those who died in the service of our great Nation, be safe and enjoy your Memorial Day!

Kim Hankins (my wonderful Buyer Specialist) forwarded an article to me today and suggested that I share it in our blog. I'm taking her up on her suggestion. Best Life magazine took note of the fact that men (I dare say women as well) are faced with the reality of wanting to raise their children somewhere safe. The magazine evaluated 257 cities on such categories as student-teacher ratios, above-average test scores, and the number of museums, parks and pediatricians. Armed with data from the U.S. census bureau, the FBI, National Association for Education Statistics, National Center for Health Statistics and the American Bar Association, they placed Augusta in the top 100 at #85.

This comes on the heels of Martinez, GA being named #76 on Money magazine's list of Top 100 Best Places to Live 2007, and Evans, GA being named #32 on the same list for 2005.

Like I've always said, "Big town amenities together with small town charm make a winning combination!"

An overview of residential listings (as reported by the Multiple Listing Service of the Greater Augusta Association of Realtors) shows a 12% increase in active listings from March to April of this year, but a 5% decrease from April '07. The number of sold listings is up 6% from March, but down over 16% from April '07. Another item to note is the average days on market stood at 108 for April. This was down slightly from March, but considerably higher than the 81 days reported in April '07. Also, the absorption rates since January have us still squarely in a Buyer's Market, with not much movement. Rates were at 12.1 months in January, 11.4 in Feb., 10.2 in March, and 11.5 in April. Based on current numbers for the month, it looks like that number may be moving back down in the direction of a balanced market. Stay tuned!

April has been a BUSY month! Personally, my family had 3 trips to the emergency room - whew! That was 3 too many. Professionally, The Wells Team (Kim and I) have been busy helping lots of families buy and sell homes. I say that not to brag, but more as an indicator of how the market is doing here in Augusta.

Absorption Rates are on the way back down. Typically 6 months' worth of inventory is a balanced market, greater than 6 is a buyer's market, and less than 6 is a seller's market.

The numbers are looking better, although there are still MANY more homes on the market than are being purchased. Let's take a look at Columbia County residential properties. According to data obtained from the Greater Augusta Association of Realtors MLS, if we compare 4th Qtr '07 to 1st Qtr '08, we find a 45% increase in new listings, a 5% decrease in sold listings, a 14% decrease in $ volume of sold listings, a 9% decrease in average sale price, and a 16% increase in average days on market.

Looking at those same numbers in Richmond County shows a 30% increase in new residential listings, a 16% decrease in sold listings, a 23% decrease in $ volume of sold listings, a 9% decrease in average sale price, and an 8% increase in average days on market.

I've spoken to several people, Realtors included, who are worried about the falling sales prices and what it means for our market. The slight decrease in sales price is really just a market correction due to the inflated sales prices over the last few years. We had arrived at the point where home price inflation crossed paths with the affordability index, and the affordability index won.