Greater Athens Area Market Update – April 2013

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Now that May is around the corner, real estate is really picking up. In fact, as we take a look at the numbers from just one year ago the positive change is very promising! Focusing on Clarke and Oconee Counties for now, the overall picture points to increased sales and decreased inventory. In some pockets, that means sellers are finally able to enjoy the benefits of multiple offers while buyers are starting to see a lot more competition. Here’s a closer look at how the 2013 real estate market compares to the same time year.

Clarke County Sales and Inventory

With 193 closed sales in the first quarter of 2012, this year’s 209 represent an increase of 8% in home sales. When you factor in the 6% decline in inventory levels, the market outlook is better, indicating sellers beginning to have more of an edge and buyers having less to choose from.

Oconee County Sales and Inventory

Though the actual number of homes sold in both years are not that high, what’s striking is the 74% increase in home sales in the first quarter this year versus the same time period last year. Seventy four percent! Many of these homes fall within the $200,000 to $300,000 price range. In terms of inventory, we reported a 19% drop in the number of available listings on the market with the hardest hit price bracket being under $200,000.

New Construction

In terms of new construction, the numbers are also on the rise. Part of the reason is that builders are able to keep costs down as opposed to the rising costs that have been evident for the past several years. Additionally, as more and more buyers compete against each other for the fewer homes on the market, many are turning to new construction. We saw a sizable jump in the number of newly built homes with 24 homes in the first quarter of 2013 as opposed to just 10 new construction homes in the same time frame in 2012.

Foreclosures

As our marketplace continues to recover and rebuild after the housing crisis, we are experiencing a slow, yet steady decline in the number of foreclosures sold on the market. This year during the first quarter there were 138 foreclosures sold versus last year’s 237.
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No matter where you are in the process of buying or selling a home – we’d love to hear your thoughts and provide our insight into anything you may need. This year so far, our sales volume is up 25% and we have you to thank for it – we appreciate all your referrals!

As always, please feel free to call the Justin Woodall Group – we appreciate the opportunity to help make your real estate goals become a reality!