Yesterday, I received this letter from the Georgia Association Of REALTORS regarding the current state of the real estate market in Georgia. This report is extensive and outlines many factors associated with our state's real estate market. The data provided is very impressive and informative. Please read the following opening and follow the link to the full report.
Home Prices in Georgia Edge Higher for the Third Month in a Row
16 Jul 2012 -
We’re halfway through 2012, and what a year it’s been. Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention. Yes, there have been some head fakes in the past, but there's real reason to believe that market turnaround awaits us. Beyond home prices, key metrics to watch include Days on Market, Percent of List Price Received and Months Supply of Inventory. Locally, several indicators showed improvement. Let's see what the rest of our local data has to say.
New Listings in the state of Georgia decreased 16.4 percent to 11,623. Pending Sales were up 21.8 percent to 9,730. Inventory levels shrank 31.5 percent to 48,344 units. Prices moved higher. The Median Sales Price increased 4.5 percent to $114,900. Days on Market was down 15.3 percent to 81 days. The supply-demand balance stabilized as Months Supply of Inventory was down 42.8
percent to 6.6 months.
16 Jul 2012 -
We’re halfway through 2012, and what a year it’s been. Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention. Yes, there have been some head fakes in the past, but there's real reason to believe that market turnaround awaits us. Beyond home prices, key metrics to watch include Days on Market, Percent of List Price Received and Months Supply of Inventory. Locally, several indicators showed improvement. Let's see what the rest of our local data has to say.
New Listings in the state of Georgia decreased 16.4 percent to 11,623. Pending Sales were up 21.8 percent to 9,730. Inventory levels shrank 31.5 percent to 48,344 units. Prices moved higher. The Median Sales Price increased 4.5 percent to $114,900. Days on Market was down 15.3 percent to 81 days. The supply-demand balance stabilized as Months Supply of Inventory was down 42.8
percent to 6.6 months.
We seem to be at a critical inflection point in our attempts to spur more hiring. Job growth provides the dual benefit of stimulating new household growth as well as relieving distressed homeowners. There's also the positive feedback loop of housing creating jobs and jobs creating housing. Keeping the affordability picture afloat, the Fed has vowed to keep interest rates around 4.0 percent through mid-2013.
