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!
Real Living Realty Advisors