The real estate market in DeKalb County continues to run against the national tide. Elsewhere, there’s been a sharp downturn in home sales. Here, we’re holding our own, while sales of land are showing some welcome gains.
Realtracs, our local Multiple Listing Service,releases its sales reports on the 5th of each month for the previous month. Here’s a quick look at what February’s numbers say about the current state of our market as we approach the Spring season.
There were as many homes sold here—14— in Feb. 2008 as a year earlier, but prices have climbed nicely. The average selling price last month was $179,985, compared with $97,228 a year ago. More good news: homes that sold moved a lot quicker, bringing faster returns to sellers. This year, homes that went to closing were on the market for 81 days, compared with an average of 93 days. And, buyers averaged 94.8 percent of their asking price.
It’s important to note, though, there was an average of 220 homes on the market in Feb., 31 more than the 189 up for sale Feb. 2007. Competition is tight, and how a home is prepared for market and promoted to qualified buyers. If you’re ready to sell and want the inside track, contact us at Center Hill Realty.
Now to land lots and farms. There’s been more action so far this year, but at more modest prices. A year ago only seven parcels were sold in February, at an average price of $48, 571. It took an average of 159 days to take that land from listing to closing.
Jump forward to Feb 2008 and things look much better. Sales nearly quadrupled, with 27 closings, at an average price of $41,722. But there’s still plenty of land to be absorbed: Realtracs reports an average of 555 listings per day during February, a 25 percent increase over the 440 available at year ago.
If you’ve got the right parcel, in the right location there’s always buyers, and they search our website.
