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
Real Living Realty Advisors