Lake Martin Area Spring Housing Market Update- May 2018
Spring is coming to a close with Memorial Day weekend coming up in just a short couple of days. So, I wanted to go over what our market was like this Spring and how that will play into the summer market.
I’m sure by now you’ve heard that we are in a sellers’ market. And what that means is the inventory for buyers who are currently looking for homes is low, making the actual price of the home higher. But our inventory is trending up with a 7.8% increase from 2017. Currently homes are selling for 93-95% of the asking price, which means a 3-4% increase in equity for sellers over last year. Our actual amount of homes we actively have for sale is down 5.4%, but like I said we are seeing these numbers change from month to month.
One big change we’re noticing is that the average days on the market is trending down. This is great news for sellers! Currently we are seeing homes being sold at an average of 93 days. That’s a 24% decrease from last year and an almost 50% decrease just from January.
About 31.5% of homes we have for sale in the Lake Martin Alexander City area, Lake Martin Dadeville area, Lake Martin Eclectic area, and the other areas included in Lake Martin Alabama area are listed at under $200,000. So, we still have homes that are easily affordable for first time home buyers as well as seasoned home buyers, but these are the homes that are the quickest to sell. And also, if you think your home could possibly sell in this price range and you been on the fence or unsure, feel free to give me a call. I’d be happy to swing by for a quick 5-min price evaluation.
Overall, predictions and outlook for the US housing market are positive. That’s because the US economy is on its strongest roll ever, bolstered by lower taxes, improved trading agreements, growing American confidence, happiness, comfort, freedom and the American dream has been kindled again.
So that was your quick market update. If you have any questions feel free to call or text. You can reach me at 256.786.2814. I look forward to hearing from you!
CLICK HERE!!! to start your Lake Martin Area Home Search!
https://gordcollins.com/real-estate/us-housing-market-looking-strong-2016-to-2020/
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