Wednesday, September 2, 2009
Months Supply of Housing Inventory in Oconee County, GA
We have all heard that nationally the inventory level is supposedly at 9.4 months. I have indicated via a recent blog post that in Athens it is more like 12.5 months based upon recent 12-months sales figures. Today I wanted to look at Oconee County, GA. I also wanted to break it down to various price points. It seems that homes in excess of $250,000 are selling much slower with longer days on market this year. Let's compare inventory levels of below $250,000 and those over $250,000 in Oconee County, GA.
To begin with there were 303 homes sold in Oconee County, GA over the last 12-months (through 9/2/09). Of these home sales, 148 homes were over $250,000 in sales price. As of today, and according to the Athens MLS, there are 394 homes on the market for sale. (Of these only 11 (or 2.7%) were foreclosure resales too by the way, but that is for a different blog post.) From this you could deduce that we have roughly 15.6 months of inventory on the market for sale. To have a balanced market we need to get this figure down to about six (6) months supply of homes on the market for sale or an inventory level of 151 homes.
There were also 280 out of 394 homes currently on the market are listed for sale at over $250,000. At a current clip of 12.33 home sales per month in Oconee County, GA over the past 12-months, inventory levels for homes in excess of $250,000 would be said to be at a whopping level of 22.7 months or almost two (2) full years.
Actually if you are one of the lucky one's that have your home on the market for sale in Oconee and it is listed below $250,000 the level of inventory is 'only' 8.8 months. This is below the national average and closer to a balanced market between buyers and sellers.
What does this mean for homes over $250,000 that are on the market for sale? Either sellers need to understand that the road is long and patience is definitely a virtue as they market their homes for sale or drop your price and try to be as competitive as possible if you must sell sooner rather than later. Dropping your price however is not a guarantee as there is so much inventory to pick and choose from today with a limited number of buyers in today's market for sale. Contact me and I will tell you how I can sell your home in 90 days, but only contact me about my 90 day home sale plan if you are motivated!