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

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

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