Wednesday, October 2, 2019

Lowndes County Housing Market Update - October 2019


In my February 2019 report, we noted how low the inventory was in comparison to what we had seen in years past and in comparison to a balanced, healthy market. The latest data research from the past 30 days, the past 90 days, and the past six months all indicate that inventory has fallen even more! With high demand and low supply in Lowndes County, it is very clearly a seller's market!

What do inventory and supply numbers mean?
When gauging the current health of the market, it is best to calculate the months of supply and the absorption rate. With the months of supply, anything above six months favors buyers as there is more supply than demand, and anything under six months favors the seller. When looking at the absorption rate, 20% or greater is considered a seller's market as houses are selling quickly in comparison to how many homes are available.  

Below, I have broken down the months of supply and the absorption rate for the entire county, and I have also broken down months of supply for specific price ranges. Obviously, individual locations and sub markets will have more specific numbers and different outcomes, so if you would like me to calculate the numbers for your neighborhood, let me know! I would be happy to! 

Lowndes County (including all price ranges)
896 homes sold in six months = 149.3 per month
471 actively listed homes divided by 149.3 = 3.15 Months of Supply (indicating a seller's market)

108 Homes sold in the past month
471 actively listed homes divided by 108 = 4.36 Months of Supply (indicating a seller's market)  

108 divided by 471 active listings = 22.9% absorption rate (over that 20% mark we said indicates a seller's market)

$100k-$200k Homes
2.58 Months of Supply (down from 3.63 in February)

$200k-$300k Homes  
3.22 Months of Supply (down from 4.56 in February)

$300k-$400k Homes  
5.42 Months of Supply (down from 7.63 in February)

$400k and Above Homes  
16.35 Months of Supply (down from 22.95 in February)

Again, if you would like me to look at the specific numbers for your neighborhood, please let me know!


Jason Dove

Realtor®
Southern Classic Realtors

106 W North St Valdosta, Ga
(229) 563-0377 Mobile
www.JasonDoveRealty.com 

Friday, February 1, 2019

Lowndes County - The Latest Housing Market News - February 2019

The Lowndes County housing market has come a long way since the post housing crisis buyer's market that we had all come accustomed to. These days, there is significantly less inventory overall which has a direct impact on average days on the market, average sales prices, and the absorption rate. When gauging the current health of the market, it is best to calculate the months of supply and the absorption rate. With the months of supply, anything above six months favors buyers as there is more supply than demand, and anything under six months favors the seller. When looking at the absorption rate, 20% or greater is considered a sellers market as houses are selling quickly in comparison to how many homes are available.

Below, I have broken down the months of supply and the absorption rate for the entire county, and I have also broken down months of supply for specific price ranges. Obviously, individual locations and sub markets will have more specific numbers and different outcomes, so if you would like me to calculate the numbers for your neighborhood, let me know! I would be happy to! 

Lowndes County (including all price ranges)
615 homes sold in six months = 102.5 per month
456 actively listed homes divided by 102.5 = 4.45 Months of Supply (indicating a seller's market)

82 homes have sold in the past month
82 divided by 456 active homes = 18% absorption rate (very close to that 20% mark we said indicates a seller's market)

$100k-$200k Homes
3.63 Months of Supply

$200k-$300k Homes  
4.56 Months of Supply

$300k-$400k Homes  
7.63 Months of Supply

$400k and Above Homes  
22.95 Months of Supply

Looking at Lowndes County overall, the average days on market from listing date to contract date is 84 days, and the average sales price is $162,735. Looking at the above supply numbers, houses priced between $100k and $300k have the largest pool of buyers and are moving quickly! Again, if you would like me to look at the specific number for your neighborhood, please let me know!



Jason Dove
Realtor®
Real Living Realty Advisors
(229) 563-0377 Mobile
www.JasonDoveRealty.com 

Tuesday, September 1, 2015

Local Housing Market Update!

So how is the market in Lowndes County? All the tools used to gauge our market over the past three months suggest that it is doing great!

One of the main tools used to gauge the health of our local market is calculating months of inventory. Over the past 12 months, there were a total of 1015 houses sold in Lowndes County. That equates to an average of 84.58 houses per month. When you divide 735 (the amount of homes currently listed for sale) by the average of 84.58, you get an inventory of 8.7 months.

That means if no more homes were listed for sale, it would take approximately 8.7 months to sell through all the homes on the market. In most cases, six months of supply is considered balanced and healthy. A market with over six months of supply is suggested to be in a buyer’s market, and a market with under six months supply, tends to favor sellers.

Over the past three months, the average houses sold per month spiked to 108.3. At that rate, our inventory supply is only 6.8 months, and that is only slightly off of what is considered “balanced and healthy”! So needless to say, June-August were very busy months for Lowndes County.

Another tool used to check the pulse of the market is average days on market for a home to sell. While June-August had an average days on market of only 99 days, the past 12 months shows an average of 110, and 110 is pretty typical for our area.

These tools used to gauge the health of our local market suggest that the past three months have been on fire, and the yearly averages are looking better and better! If this trend continues, we can expect home values to keep rising and ultimately a healthier dynamic for our market!

The numbers in this article are averages for all of Lowndes County. Obviously, areas within Lowndes can have drastically different numbers when calculated separately.

If you would like more information about the area your home is in specifically or if you would like a free analysis of how your home stacks up, call or message me anytime! I’d love the opportunity to work hard getting you the absolute best deal possible!

Thank you!

Jason Dove
Realtor
Real Living Realty Advisors

229.563.0377
www.JasonDoveRealty.com

Tuesday, June 2, 2015

Lowndes County Housing Market Update

The housing market in Lowndes County in the second quarter of 2015 is really starting to look much healthier. One of the main tools used to gauge the health of our local market is calculating months of inventory. Over the past 12 months, there were a total of 941 residential houses sold in Lowndes County. That equates to an average of 78.42 houses per month. When you divide 758 (the amount of homes currently listed for sale) by the average of 78.42, you get an inventory of 9.67 months.

That means if no more homes were listed for sale, it would take approximately 9.67 months to sell through all the homes on the market. In most cases, six months of supply is considered balanced and healthy. A market with over six months of supply is suggested to be in a buyer’s market, and a market with under six months supply tends to favor sellers.

Just two months ago, the inventory (using annual averages) was 12.73 months! Over the past two months, the average houses sold per month spiked to 100.5. At that rate, our inventory supply is only 7.54 months! So needless to say, April and May were very busy months for Lowndes County.

Another promising sign for our area is the average days on market for a home to sell is down significantly to 107 days, and the sales prices as a percentage of the list price is also up slightly.

All of these tools to gauge the health of our local market suggest that the first two months of the second quarter of 2015 have really been doing well. If we maintain this pace, you can expect home values to rise as a result.

The numbers in this article are averages for all of Lowndes County. Obviously, areas within Lowndes can have drastically different numbers when calculated separately.

If you would like more information about the area your home is in specifically or if you would like a free analysis of how your home stacks up, call or message me anytime! I’d love the opportunity to work hard getting you the absolute best deal possible!

Thank you!

Jason Dove
Realtor
Real Living Realty Advisors

229.563.0377

Tuesday, April 7, 2015

Lowndes County Housing Update - Q1 2015

In the first quarter of 2015, homes in Lowndes County experienced a dip in the average sales price to $131,038. This number is down from the 2014 average of $139,660 and the 2014 Q4 average of 148,273.

We also saw an increase in the average days on the market in Lowndes County. This average shows how long homes sit for sale on the market before actually selling. In the first quarter of 2015, average days on the market was up to 123. This number is especially high when compared to the 2014 average of 114.

Another tool to gauge the health of the market is calculating how many months of inventory we have. Over the past 12 months, an average of 57.33 homes sold each month. If you compare that to 730, the total number of homes currently listed in Lowndes County, we currently have 12.73 months of supply. That means if no more homes were listed for sale, it would take approximately 12.73 months to sell through all the homes on the market. In most cases, six months of supply is considered balanced and healthy. A market with over six months of supply is suggested to be in a buyer’s market, and a market with under six months supply tends to favor sellers.

With the average sales price down, the average days on the market up, and the current inventory well above six months, it is safe to say that Lowndes County is currently experiencing a buyer’s market. With interest rates low and an abundance of supply on the market, now is a great time to buy your new home.

If you do need to sell your home and are worried about having to sell at a discount, at least consider that you should be able to buy your next home at a lower price as well, so while you may essentially leave some equity on the table in the sale of your home, you should be in a position to gain equity in your next home. In most cases, that should be a wash. The one factor that won’t wash is the extremely low interest rates today. You can stay in your current home for another five years and wait for the market to come around, but when it does, the home you buy next will have come around too. At that point, you can also expect to lock in a much higher interest rate. So while it may not seem opportune for sellers right now, the current interest rates suggest that now is as good a time as ever!

The numbers in this article are averages for all of Lowndes County. Obviously, areas within Lowndes can have drastically different numbers when calculated separately.

If you would like more information about the area your home is in specifically or if you would like a free analysis of how your home stacks up, call or message me anytime! I’d love the opportunity to work hard getting you the absolute best deal possible!

Thank you!

Jason Dove
Realtor
Real Living Realty Advisors
229.563.0377