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.
In April 2010, real estate contracts reported for Gwinnett County rose to 1,171 from 895 in March, 2010, according to data from GAMLS and REDataCenter. This is the highest number since June, 2006. While most of these will reach success at the closing table, many will not. Once a sale reaches the point of binding contract, lots of things must go right. Issues with buyer financing, appraisal and inspection reports are just a few of the hurdles which can be encountered. Even so, the number of contracts or pending sales is important to consider, as it gives an excellent representation of current demand.
While sales volume is increasing, sales price is still very low. Average sales price in Gwinnett rose to $178,545, up from the March average of $164,736. Actually, each month of 2010, Gwinnett’s average sales price has risen. Proceed with caution if you’re currently on, or going on the market. While we hope these patterns continue, the spring market in Metro Atlanta is typically where we see our peak, and only time will tell if we will see any impact from the tax credit expiration. We’ll have to see what May numbers bring!
**Data represents single family, detached residential properties.