Columbus Georgia Housing Market

By
Real Estate Agent with Keller Williams

Wow! What a ride we have been on the past few years.  Is fair to say that the Realtor's who have weathered this storm can weather anything?  Or is the storm over?  The market has to turn.  But the question is when?

Below is data pulled from the Columbus, GA MLS regarding the number of homes in inventory and the number of homes sold.  The following data is based on single family homes in Columbus Georgia.

 

                            2009                                       2010                                      2011 

MONTH         SALES   INVENTORY      SALES    INVENTORY           SALES    INVENTORY

February           115        596                105         1048               72         1637

January              75        587                  77          1039                77         1604

December           130        600                 108       964                     116         1550

 

The Columbus, GA inventory has more than doubled over the last three years.  And the number of sales per month has remained relatively consistent.  So what does this mean?  Tough economic times have prompted many home owners to try and sell their homes.  Many of these sellers bought when the market was at it's peak and lenders were loaning money to anyone with a ID (and in some cases, without).  A fair amount of the homes in Columbus are over priced.  Many more are fairly priced, but with such stiff competition in the housing market, are sitting on the market for long periods of time.  My opinion is that a significant amount of these home owners will loose their home to foreclosure because they can't sell their home fast enough.  

However, Columbus is fortunate to have Fort Benning located in it's backyard.  And thanks to BRAC, our city is expecting 30,000 new residents.  Many will rent, but some will buy.  But they will spend money and boost our economy and many new jobs are expected to be created.  

The rental market will definitely boom.  But if homeowners can be patient, they should be able to see a reduction in inventory and better market conditions, too.   However, pricing of the homes will remain key, as we are years off from "taking orders" at crazy prices.

But what if a homeowner can't hold on? If they have a hardship, which is loosely defined by each individual bank, then they may qualify for a short sale.  See the difference between a short sale vs a foreclosure here.  Realtors owe it to their clients to give them options and educate them.  And if they aren't comfortable with helping their clients through the short-sale process in Columbus, then they should refer them to another qualified Columbus, GA agent.  

Ashley Pezold 

Keller Williams Realty River Cities

Columbus, Georgia

www.ashleypezold.com

 

 

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Rainmaker
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Hope we have seen the worst of the housing market.  I think it will take awhile before we see a rebound in the market.

Mar 01, 2011 01:54 PM #1
Rainer
4,270
Ashley Pezold
Keller Williams - Columbus, GA

Hi Joan, I agree.  But, if we can get through the bad times, we will be even better when we reach the good times again!

Mar 01, 2011 02:07 PM #2
Rainer
246,412
Zach Jiles
RE/MAX Champions Realty - Columbus, GA

Hey Ashley, this was a great post with some great information.  Thanks for sharing.

May 24, 2011 04:50 AM #3
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Rainer
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