How’s the market? That is the universal question. I get it from everyone asking me about real estate. The best thing I can say is the market is steady and here is a little proof of that. Compare this set of stats to those in May 2014. They are surprisingly similar.
A steady market is a good thing. We have all experienced a heated market and the result of that was bad. Really bad. I do think those days are behind us and we can settle into a time of steady growth (3-5%) and a more balanced inventory to help maintain that.
Over all the current market stats for Gwinnett Co are here.
Details of those number broken down by price range are here. (click on it for a larger version).
From this you can see that we have a pretty clear break in our market in the $300 K range. Inventory challenges show up below that with a pretty strong sellers market and above that is a more balanced or buyers market forming up.
One thing I noticed is the days on market (DOM) numbers. Under $100K the days on market are sliding up and I believe that is due to condition of the homes in that price range. It’s hard to find something under $100K that does not need a bunch of work or TLC (truck loads of cash). Once you push into the $125K range you see inventory is low but so are the days on market.We are also holding pretty firm on the sales price when compared to the list price. At about 98%, the sellers are able to get what they list at presuming it’s not over priced.
You may find that if you have been in your home for more than 5 years it is time to move. The average time we spent in our homes prior to ‘the crash’ was 4.9 years. Now it’s almost 10 but I believe that is due to financial pressure on the market and the fact that many were upside down. I would say those days are almost behind us.
You may be surprised to find you are not only above water but could move and get into a house that better fits your lives today. Those folks that moved in with a cute 5 year old are now living with a 15 year old and everyone wants a little more space.
If you find yourself asking questions about house values and ‘is it time to move?’, please call me. We can look at your situation and give you some answers.
Thanks for listening,
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