Life got busy and the habit fell off, but I have dug my heels in and done the research to get going again with my market reports monthly. Someone asked me recently and I did not have a well researched answer to give them for the direction we'd taken since summer. So the last few hours have been spent working on my research and catching up my data. I should be able to write a great years look back by mid January.
But a couple of good things are happening as a trend for the last few months that I want to update you on right now.
As you can see 2016 on this graphic is the light blue line. And thankfully in the last few months the number of homes sold has been out preforming the last 5 years with the exception of October not beating last year. There are currently 196 (a two year low) residential listings available in the Milledgeville MLS making it just a 10.3 month supply. That's the lowest inventory I've found in the past 7 years of tracking this data. A six month supply is a stable market. At 10 months we're still in a buyers market, but just slightly and for the late fall that was really great.
You can also see that while not out performing the price has been on the rise (mostly) since spring. And I believe that with the inventory moving toward stability that will begin to bring some price movement in the upward direction. Our market has been flat in price and over-saturated in inventory since the crunch. I'm certainly looking forward to my house being worth more again.
This is the one graphic where less is more. The numbers here represent the average days on the market for lake homes. Less of that light blue is better for sellers and that number has been on a steady decline for the past three months. The current average is 121 and knowing two that are closing this month and next that have less than 7 days on the market I certainly expect to continue to see that number move in the direction that sellers want it to move.
What does less days on the market mean for buyers? Well it means that instead of just browsing the Internet that what you really should do is HIRE a buyer's agent with a great site that lets you know of homes in your price range hit the MLS. Ours does that. It updates every 15 minutes and if you are ready to buy you can set your search to notify you immediately. However, for those who are just dreaming and browsing the beauty of our site is that you can also set it up for monthly updates and various things in-between the two.
Just sign up or give us a call and we can do it for you. 706-485-9668 www.LakeSinclairHomesForSale.com