DeKalb County was slower to feel the softening of the housing market which hit other parts of the country last year, but there’s no doubt it’s been a slow summer. Local Realtors are working harder to realize fewer sales, while more homes are available. Land sales remain up for the year, but there’s so much inventory available that roughly one percent of listed parcels sold last month. Year-to-date closings on homes listed in RealTracs, our local Multiple Listing Service(MLS) are off 32 percent.
Buyers take note: you’ve got a lot of choices, but it’s going to take a good down payment and impeccable credit history to realize the full potential of your bargaining power— with the help of a Realtor at Center Hill Realty to sort things out.
Figures for July just released by RealTracs registered a 58 percent decline in home sales for the month. Last month, there were closings on 11 homes, compared with 26 in July 2007. You have to go all the way back to 2001 to see a slower July. Back then, just seven residential listings here changed hands of the daily average of only 142 listings. July 2008 the daly average was 234 listings.
The average price per closing was also down, $106, 263, compared with $127,428 a year ago. One bright spot: those homes which sold were on the market only 87 days, half the average for homes selling during July a year ago.
Land looks better, in terms of sales. Overall sales are up 20 percent year to date, helped by gains seen earlier. July was an off month, with seven parcels sold, compared with an even dozen July 2007. Average closing price was nearly identical at $51K-plus, although prices this year represented 84 percent of the asking price, compared with 92 percent a year ago. Nice lots, properly priced in a good location are what’s moving: the average days on market for land selling this July was just 26 days, compared with 158 days last year.
What does all this mean? However you slice it it, it’s been a tough month. But homes and land are still selling. Properly priced, professionally promoted and presented on the Internet homes and buyers can find each other. Sellers, you need to make a realistic assessment of where your home or property fits in the current market and price it appropriately. Buyers will always benefit from timely market insight.
Talk to us, we’re Realtors.
