In the
first quarter of 2015, homes in Lowndes County experienced a dip in the average
sales price to $131,038. This number is down from the 2014 average of $139,660
and the 2014 Q4 average of 148,273.
We also saw an increase
in the average days on the market in Lowndes County. This average shows how
long homes sit for sale on the market before actually selling. In the first
quarter of 2015, average days on the market was up to 123. This number is
especially high when compared to the 2014 average of 114.
Another tool to gauge
the health of the market is calculating how many months of inventory we have.
Over the past 12 months, an average of 57.33 homes sold each month. If you
compare that to 730, the total number of homes currently listed in Lowndes County,
we currently have 12.73 months of supply. That means if no more homes were
listed for sale, it would take approximately 12.73 months to sell through all
the homes on the market. In most cases, six months of supply is considered
balanced and healthy. A market with over six months of supply is suggested to
be in a buyer’s market, and a market with under six months supply tends to
favor sellers.
With the average sales
price down, the average days on the market up, and the current inventory well
above six months, it is safe to say that Lowndes County is currently
experiencing a buyer’s market. With interest rates low and an abundance of supply on the market, now is a great time to buy your new home.
If you do need to sell
your home and are worried about having to sell at a discount, at least consider
that you should be able to buy your next home at a lower price as well, so
while you may essentially leave some equity on the table in the sale of your
home, you should be in a position to gain equity in your next home. In most
cases, that should be a wash. The one factor that won’t wash is the extremely
low interest rates today. You can stay in your current home for another five
years and wait for the market to come around, but when it does, the home you
buy next will have come around too. At that point, you can also expect to lock
in a much higher interest rate. So while it may not seem opportune for sellers
right now, the current interest rates suggest that now is as good a time as
ever!
The numbers in this
article are averages for all of Lowndes County. Obviously, areas within Lowndes
can have drastically different numbers when calculated separately.
If you would like more
information about the area your home is in specifically or if you would like a
free analysis of how your home stacks up, call or message me anytime! I’d love
the opportunity to work hard getting you the absolute best deal possible!
Thank you!
Jason Dove
Realtor
Real Living Realty
Advisors
229.563.0377
