October Market Update
November 5, 2018 | Jasmin Bradley

We're giving you the October Market Update for Richmond and Columbia County!

RICHMOND COUNTY
For the month of October for this year, we have 382 properties total to compare in Richmond County. Out of the 382 properties, 142 properties are still active and will be moving on to the month of November. So that means if you weren't one of these properties that went pending or closed in the month of October, then you will be competing with the new properties that come on the market in November. Out of 382 properties, 100 went pending and 140 closed.

  • The average list price for all of the properties combined for the month of October was $157, 500. 
  • And the average sale price was $144, 600, which gives you 96. 26% list to sell ratio.

So what does that mean to you? The average list price for the month of October in 2017 was $135,000. And now we're up at $157, 500. It went up relatively quick within a year!
  • The average sale price was $132,000 in 2017. 
  • This year it's up to $144, 600 and the average list to sell ratio stayed about around 96%.
What that means to you as a seller is that you're getting more money for your property even though it is the same list to sell ratio, but the prices of the properties are higher!

  • The price per square foot was almost $80 a square foot.
  • If you've been following the trend, last month was $74 and the month before that was around $72. 
  • The average days on the market was 63 days. 
  • Last year during this time, the average days on market was 118 days and the price per square foot was $67. (So in one year, you're seeing the price per square foot increase over $10!)

Things that are making these houses sell faster: We have a lot more people coming into our community. You have Cyber Command and Fort Gordon, the hospitals, schools, and revitalization of downtown. There's a lot of activity now in Richmond County that's causing the value of the properties to go up.  So buyers and sellers are starting to have more confidence with either selling their property just to get some equity out of it or if they're going from renting to buying or looking to move up and buy a new property.

COLUMBIA COUNTY
For Columbia County, there were a total of 485 properties that we're comparing. We have 174 properties that are going to be carrying over to the month of November and are still active while 153 went pending. And 158 actually closed. 
  • The average list price for Columbia County is $260,000 and the average sold price is $234,000. (A 97% list to sell ratio.)
  • Last year the average list price was $224,000 and now we're at $259,000. 
  • The average sales price is $234,000 this year compared to last year's $218,000. 
  • The average list to sell ratio went down to 97% compared to last year's 98%. 
  • Last year's price per square foot was $94 with an average of 98 days on the market. 
  • This year the price per square foot is  $101.89 with an average of 57 days on the market! 
Which makes for a great seller's market in Columbia County!

This week we not only wanted to give you an update for last month but also take it even further and compare the numbers from this time last year. It really shows the progress in Augusta's real estate market.  See you next month for another market update! Be sure to visit our YouTube channel to watch the full video! If you're constantly on the go, you can listen to monthly market update each month on our podcast through Spotify, iTunes, and Google Play Music.
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