Still looking for that reason to view the cup half full? Me too. Although I do see some sales scattered about, I have found that you have to look closely at price points, zip codes, and other to determine how the market is really doing.
Report Date: Oct 23, 2009
| Solds Analysis For Period: Apr 23, 2009 - Oct 23, 2009 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 to 100 |
100 to 125 |
125 to 150 |
150 to 175 |
175 to 200 |
200 to 225 |
225 to 250 |
250 to 275 |
275 to 300 |
300 to 350 |
350 to 400 |
400 to 450 |
450 to 500 |
500 to 600 |
600 to 700 |
700 to 850 |
850 to 1MM |
1MM to 2MM |
2MM to Max |
Totals | |
| Number of Sales | 4 | 4 | 7 | 2 | 7 | 3 | 3 | 5 | 1 | 2 | 3 | 2 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 45 |
| Ave. DOM (Solds) | 336 | 133 | 134 | 77 | 111 | 298 | 106 | 142 | 73 | 112 | 171 | 217 | 0 | 0 | 18 | 0 | 0 | 759 | 0 | 171 |
| Ave. Sp / Lp% | 99.1 | 96.8 | 92.7 | 98.2 | 96.5 | 93.9 | 94.2 | 89.4 | 98.7 | 90.5 | 92.4 | 90.4 | 0.0 | 0.0 | 91.0 | 0.0 | 0.0 | 96.9 | 0.0 | 94.2 |
| Units for sale now | 6 | 6 | 9 | 11 | 12 | 12 | 19 | 7 | 3 | 6 | 8 | 4 | 3 | 10 | 2 | 2 | 2 | 4 | 0 | 126 |
| Ave. DOM (Actives) | 267 | 223 | 305 | 103 | 176 | 76 | 352 | 144 | 99 | 148 | 236 | 401 | 224 | 324 | 328 | 108 | 141 | 182 | 0 | 222 |
| Months Supply | 9.0 | 9.0 | 7.7 | 33.1 | 10.3 | 24.1 | 38.1 | 8.4 | 18.0 | 18.0 | 16.0 | 12.0 | 0.0 | 0.0 | 12.0 | 0.0 | 0.0 | 24.1 | 0.0 | 16.8 |
Generally a balanced real estate market has about a five to six months’ supply of homes on the market at any given time, and one might expect that these homes stay on the market for about 90 days before going under contract for sale. More than six months of supply can indicate a buyer’s market and a lesser supply can indicate a seller’s market. Buyers, you are in a far better negotiating position when your market’s inventory levels are high. As I always encourage my faithful blog readers, please don’t pay attention to the national averages. Take a hyper-local approach and look to your local market’s unsold inventory on the market for sale.
As the above chart shows, there are price segments within a two (2) mile radius of Timothy Road that are below the overall Athens inventory level of about 13 months, and are getting clos(er) to being in a balanced market. From $125k-$150k we see only 7.7 months of housing supply, which is encouraging. No doubt a result of those wonderful First Time Home Buyers. The $250k-$275k range at 8.4 months is also very “bullish” by recent standards. In these price ranges if you are looking in the area of Timothy Road in Athens you need to know that Sellers are going to be a little harder to negotiate with than at $300k-$350k for example where the months’ supply of inventory is at a whopping 18 months.
If you would like to know where the section of town you are looking to buy or sell is based upon months’ supply of inventory please comment to this post or email me at hankbailey@kw.com. I would be happy to look it up for you! Also, try Market Snapshots to get a detailed view of your local market. Market Snapshots are very impressive, if I do say so myself!
