In my February 2019 report, we noted how low the inventory was in comparison to what we had seen in years past and in comparison to a balanced, healthy market. The latest data research from the past 30 days, the past 90 days, and the past six months all indicate that inventory has fallen even more! With high demand and low supply in Lowndes County, it is very clearly a seller's market!
What do inventory and supply numbers mean?
When gauging the current health of the market, it is best to calculate the months of supply and the absorption rate. With the months of supply, anything above six months favors buyers as there is more supply than demand, and anything under six months favors the seller. When looking at the absorption rate, 20% or greater is considered a seller's market as houses are selling quickly in comparison to how many homes are available.
Below, I have broken down the months of supply and the absorption rate for the entire county, and I have also broken down months of supply for specific price ranges. Obviously, individual locations and sub markets will have more specific numbers and different outcomes, so if you would like me to calculate the numbers for your neighborhood, let me know! I would be happy to!
Lowndes County (including all price ranges)
896 homes sold in six months = 149.3 per month
471 actively listed homes divided by 149.3 = 3.15 Months of Supply (indicating a seller's market)
108 Homes sold in the past month
471 actively listed homes divided by 108 = 4.36 Months of Supply (indicating a seller's market)
108 divided by 471 active listings = 22.9% absorption rate (over that 20% mark we said indicates a seller's market)
$100k-$200k Homes
2.58 Months of Supply (down from 3.63 in February)
$200k-$300k Homes
3.22 Months of Supply (down from 4.56 in February)
$300k-$400k Homes
5.42 Months of Supply (down from 7.63 in February)
$400k and Above Homes
16.35 Months of Supply (down from 22.95 in February)
Again, if you would like me to look at the specific numbers for your neighborhood, please let me know!
Jason Dove
Realtor®
Southern Classic Realtors
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