June-July Housing Market Update
We’ve seen some changes in the Lake Martin area real estate market since we transitioned from Spring to Summer. So just how was our June-July housing market? First, let’s recap on the end of Spring. By the end of May 2018, we had an average sales price of $416,795 for residential homes, which was up from 2017. We saw an absorption rate (rate at which available homes are sold in a specific real estate market during a given time period) of 8.44 months (70.3%) with average days on market being about 126. A percentage below 50% means more homes are being sold than listed (supply is decreasing). A percentage above 50% means that more homes are being listed than sold (supply is expanding). A 50% absorption rate indicates a 6 month supply of inventory and this is characterized as a balanced or transitional market.
By the end of June, average sales price dipped to $385,015. The absorption rate bumped to 9.02 months (75.17%) and the average days on the market were 148. July’s average sales price decreased by about 15.5% as well with average days on market dropping to 132. The absorption rate was maintained at about 75% throughout June and July. 133 homes were sold in the Lake Martin Area peak summer months and 206 homes were put on the market. July ended with 503 homes actively for sale.
So what’s headed our way? NAR predicts home prices to slowly grow along with inventory. There’s also been predictions on the possibility of 2019 bringing in a buyer’s market.
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