Is there a billboard somewhere in Dawson County that says “Hurry and Buy a House Before It’s Too Late?”
It appears we had a really good solid month of home sales. In June, the 400 North Board of Realtors recorded 15 sales county-wide and that number has jumped to 28 for the month of July. Has the housing boom returned to our corner of paradise? Not exactly, but let’s break these numbers down and take a look at what is selling. Out of the 28 sales, there were nine bank or corporate owned homes, two new homes, and 17 resales.
This month let’s take a look at what price homes are actually selling, so we have a clearer picture of our market. Out of the 28 homes sold in July here is how the numbers unfold:
• $0 - $99,999 3 sold
• $100,000 - $149,999 7 sold
• $150,000 - $199,999 6 sold
• $200,000 - $299,999 4 sold
• $300,000 - $399,999 5 sold
• Above $400,000 3 sold
So what do all of these numbers mean? It means that the “sweet spot” in home pricing appears to be between $100,000 and $199,999. As a side note, six out of the 28 total homes sold in the county were in the Big Canoe community.
So where is all of this leading us? Good question. It appears that the Real Estate market in our area has some more catching up to do. We still have way more inventory than we can dispose of in a reasonable amount of time.
According to this month’s statistics, we have about 15.1 months of standing inventory. For the market to improve, that number needs to be in the 4-5 month range.
Is there a silver lining in all of this? You bet there is!
If you are in the market to buy, then get off of the fence before it’s too late. The $8,000 Federal tax incentive for homebuyers ends Nov. 30, 2009.
The State of Georgia $1,800 tax incentive ends Dec. 31, 2009. Mortgage rates are sub 6 percent. New home communities are begging for buyers with tons of incentives. Bank and corporate owned home inventories are busting at the seams. Resale homes are priced better than ever. So what are you waiting for?
So let’s get down to the July numbers:
There were a total of 28 home sales in July.
The average home sold for $232,022.
The average days the home was on the market was 233.
At the current rate of sales, there are 15.1 months of inventory available.
These figures were provided by First Multiple Listing Service and reflect all home sales that changed hands through the assistance of a Realtor.
Public Relations Director, 400 North Board of Realtors