There's some good numbers out there from August sales, which continue to indicate the Greater Augusta area may be at or near the bottom of the housing crunch. I'll add a word of caution at the end of this post, but for now, enjoy....
Residential Single Family Homes Post Gains
For a market that began 2009 down 24% on 2008's horrible numbers, things have perked up nicely. Three months of this year have posted 1% single family home gains on last year. April, July, and August of this year all saw increases year-over-year in home sales. These numbers are limited to single family homes, and exclude townhomes, condos, and mobile (manufactured) homes.
Richmond County led the charge, posting 175 sales for July, and 169 sales for August (vs. 2008's numbers of 140 and 138, respectively).
Columbia County sales continued to mirror 2008's number quite closely, with 196 July sales, and 171 August closings this year. This compares favorably to '08's numbers for July (198) and August (175).
The Identity of Today's CSRA Home-buyer
2009 Buyer Identity Greater Augusta Area*
| 17.51% Cash |
26.70%Conventional |
28.96% FHA |
25.03% VA |
| 10.92% Two Bedroom |
49.16% Three Bedroom |
30.79% Four Bedroom |
8.23% Five Bedroom |
| Average Sales Price $154,429 |
66% of all sales below $180K |
Homes listed for over $300K account for only 7% of all sales |
No sales in 2009 over $800K |
| 1,399 total sales in Columbia County |
1,163 total sales in Richmond County |
1,095 New Construction Homes Purchased |
2,352 Resale Homes Purchased |
* - numbers include ALL residential sales, including townhomes, condos, and manufactured homes.
The Promised Party-Pooper Punchline!
OK, things seem to be sucking less, and the numbers tend to indicate we may be at the bottom of this downward spiral we began in mid-2006. Here's a great big reason why all of this may not mean doodley-squat come November:
The $8,000 First Time Home-buyer Tax Credit expires on 30 November.
Although statistics on 1st Timers in our market are hard to come by, I do believe they have helped lead the way out of this market - in part because national statistics indicate anywhere from a 7%-10% increase - with First Time Home-buyers accounting for 48% of all sales in some sectors of the country.
Regardless of whether or not you support the tax credit, it is undeniable that it has led to an increase in sales. Some critics claim the credit actually costs taxpayers over $40,000 per home - others that the economic benefit (nationwide) far outweighs the cost.
If you want to weigh in with your government representatives about extending this credit, you can find your Congressmen and Senator's contact information by clicking here.
I hope you've enjoyed this blog - and relish your comments - please feel free to leave a note with your opinions. Thanks again for visiting.