Based upon numbers for Gwinnett County single-family detached home sales through October 2012, prices have begun a slow and steady increase. According to the latest price analysis from REDataCenter, Gwinnett’s price bottom began to form in the middle to end of 2011. Prices remained somewhat flat through January of 2012. Since then, month over month and year over year gains have been noted nearly every month. Gwinnett’s lowest average sale price of $126,049 occurred in January of 2012. The current average sale price of $157,348 represents a year over year gain of 15.9%, when comparing October 2012 to October 2011 sales.
As discussed in my previous Gwinnett housing market update December 2012, inventory levels have fallen dramatically. Months of inventory supply and average sale prices vary by cities, zip codes and high school clusters. If you’re looking to sell, get your home in its best condition possible to achieve the best price and lowest days on market. Whether you’re looking to purchase your first home, or to move up, be quick and decisive. Look around, get to know the inventory and be ready to act quickly if you find “the one”. Well priced homes are receiving multiple offers and frequently selling above list price. Consult a local REALTOR® to help you learn more about homes and pricing in your area, as well as to help you navigate the offering and contracting phases of buying or selling your home. Not all real estate agents are REALTORS®. Insist on finding one who is.
If you would like statistical information or a detailed analysis for your area, contact me. I’ll be glad to help!
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.
On June 25, 2009 Gwinnett County announced its Neighborhood Stabilization Program(GCNSP) to a group of REALTORS and Mortgage Professionals. The GCNSP is a program to purchase foreclosed homes of sub-standard condition then rehabilitate and return those homes to market with the hope of stabilizing Gwinnett County home values. Additionally, the program will provide affordability assistance to potential buyers by way of homebuyer counseling, down payment assistance and a “forgivable” second mortgage. Under the program, homes will be available to low, moderate and middle income home buyers.
The GCNSP will receive funding from a July 2008 program of grants to local and state governments, enacted by Congress. Gwinnett County has been allotted $13,512,054 towards the program, of which $10 million is from HUD with the remaining portion from the State. This pre-TARP program is expected to have 100 homes rehabilitated and under contract by September 5, 2010, and provide the same results for Read more
1.Housing prices are LOW!In February, Metro Atlanta Home prices reached a 10 year low.FMLS statistics show that the average home price was $176,378.You would have to go back to December of 1998 to find lower average pricing.
2.Selection is still great!Even though the number of available properties for sale in Metro Atlanta has decreased from its peak, there are still plenty of fantastic properties on the market.Whether you’re in the market for move-in ready, a fixer-upper or new construction you’re sure to find a great place to call home.
3.Great mortgage rates!With mortgage rates hovering around 4.5 – 5.5 %, the cost of financing is at a 40 year low.The combination of amazingly discounted prices, abundant home offerings and fabulously low rates makes the perfect storm for buying opportunities.
4.Sellers are motivated!Great incentives are often available on bank owned, corporate owned, new homes and owner occupied re-sales.Some items you may find negotiable:seller paid closing costs, home warranties, HOA dues for 1 year, appliance packages, carpet upgrades and/or other repairs to name a few.