Gwinnett housing market update December 2012
December 6, 2012
Here’s a little burst of good news for a change! Inventory of detached, single family housing in Gwinnett has reached a 3 month supply, according to October numbers. This represents a steady and consistent decline from 6 months of inventory, over the past 15 months. Typically, a 3 month supply of homes indicates a hot market. October 2012 is the fourth straight month to come in at the 3 month mark. In October 2011 there were 5,088 homes actively for sale in Gwinnett. That number fell to 2,480 in October 2012 for a decline of 51.3%.
Why is this good? It’s simple supply and demand logic. Fewer homes on the market give you less competition when selling yours. Gwinnett distress sales are still leading the way. As these deplete, it becomes more lucrative for traditional home sellers to enter the market. Some price points and areas are seeing a lower amount of inventory, with some as low as 2 weeks! Others are a bit higher. Selling in today’s market is still tricky. Price matters!! Even with declining inventory, an over-priced home will fare poorly against today’s competition. However, many buyers who don’t have time or the patience to deal with purchasing a short sale or foreclosure will happily make a solid offer for a well-priced home in good condition. If you want top dollar, you’d better make it shine!
If you would like a detailed analysis for your home or your area, I’d be glad to help! E-mail, call or text me for more information. I also have numbers available for attached (condo/townhouse) property.