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
Real Living Realty Advisors
(229) 563-0377 Mobile