Fayetteville County Market Update:
The data analysis above is from the Georgia MLS as of 10/9/2021 and is just for the Fayetteville City limits. The main take away from this is that of the houses that are selling (Even in the most extreme markets you have houses that don't sell at all, and you've probably heard the term "on the market or in the market"? This is the "In the market" houses). We see that just after the pandemic hit there was a lull in listings and sales and then a spike we saw summer before last. Month of housing supply means that at the current rate how long does it take to sell through the housing inventory (if you think of a pond, water is always flowing in and flowing out, houses float on the incoming water and then as they sell exit with the outflowing stream. The houses that are way over priced sink to the stagnant bottom...The months of housing supply seeks to help us determine how long on average does it take for the houses to come into the pond and then exit the pond). In general 5 to 6 months of inventory is thought to be stable. 11 years ago we would see numbers higher than this. We are right now about a month of inventory and this makes it an extreme seller's market. We have a relatively low amount of active listings and a pretty robust sales number and so it's basic economics 101 with supply and demand and we see this in the increasing prices over the course of the past recent years.
Of course it's all general and relative. data and analytical results can vary based on location and market segment. Prices in one area for similar product could be more or less and so if that data is included in the mix the results will vary. Homes on water front will be more than ones next to a freeway but market averages give us general ideas of what is going on in the market. When you consider your home value, it's not just some algorithm or what a third party AI figure states. It's a lot of variables and to truly determine value you have to go and see the house and a computer or someone sitting in an office someplace else simply isn't going to be able to do that.
Hopefully this information is helpful and if I can be of help in your specific situation I'd love to schedule an appointment and offer you specific information that could be helpful in terms of your decision making.