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
Real Living Realty Advisors