Market Report - homes sales in Madison and Morgan County, Georgia
Keeping on top of local market trends is just part of the service I provide to my buyers and sellers in the Madison and Lake Oconee markets.
Understanding home sales in Madison and Morgan County, Georgia is no easy task – we have two local MLS services, and neither gives a complete picture. So for today’s report, I looked at data compiled by the Morgan County tax assessor. This is the most comprehensive database, because it includes all sales, not just MLS listed properties.
So what’s happening with homes sales in Madison and Morgan County?
In a nutshell: Same Old News!
From January to June 2012, there were 85 homes sold in Morgan County. One third (28) were normal sales. One fourth (23) were bank sales. The balance had some sort of special circumstance, which could include seller-financing, estate sales, and sales to a neighbor or family member.
For the same period in 2011, there were 100 homes sold in Morgan County. 30% normal, 27% bank sales, the balance special circumstance.
In 2010, there were 105 homes sold in Morgan County. 33% normal, 28% bank sales, the balance special circumstance.
Pretty much the same pattern for the past three years. Compare that to the same period in 2007 – the last “boom” year - when there were a total of 198 homes sold from January to June.
In 2007, there were 198 homes sold in Morgan County. 69% normal, 7% bank sales, the balance special circumstance.
In a nutshell - compared to peak, we're selling half as many homes per month, and two-thirds of the buyers are choosing either bank-owned or estate-owned homes, purchasing adjoining properties, or using seller financing.
Although the number of homes sold, and the mix of sales types has been fairly stable for the past three years, we are seeing some positive trends in average selling price and dollars per square foot for the “normal” sales:
2012 - $257K average sales price ($111/sf)
2011 - $216K average sales price ($99/sf)
2010 - $226K average sales price ($92/sf)
2007 - $210K average sales ($94/sf)
What does not show in this statistical report is that we are beginning to see consistent multiple offer situations, properties going under contract in 30 days or less, and properties selling for closer to initial list price.
Inventory is getting scarce in some categories. Overall, there are currently 142 Morgan County homes available in Georgia MLS, and 87 in Lake Country MLS - with many properties listed in both - thats about a year supply at the current sales rate for MLS-listed properties.
However, if we look at just homes sold and available under the $257K average sales price - there's only a 7.5 month supply of inventory - still plenty to choose from, but fewer choices than this time last year.
If you are thinking about making a change, give me a call and we can talk about what current market trends mean for your goals.
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