The Numbers Are In: Georgia Real Estate Market Ends 2013 on a High Note

The numbers are in.  According to a report just released by the Georgia Association of Realtors, the real estate market in Georgia finished 2013 on a positive note.  Below are a few of the December 2013 statistics that bear this out:

• The number of new listings increased by 8.3%;
• Pending sales were up 16.9%;
• Inventory was down by 4.2%;
• The median sales price increased by 24.8% to 149,900;
• Days on market decreased by 14.7% to 81 days; and
• Months supply decreased by 5.5 % to 5.2 months.

So what does all of this mean for you if you are considering selling your house?

• Chances are you will get more for your house if you place it on the market now because market conditions are improving;
• Because inventory is low, you will probably have more buyers making offers on your property than you would if we were in a buyer's market.  (Of course, there are a variety of other factors that could come into play and prevent your home from selling);
• In all likelihood your home will sell faster than it would if we were in a buyer's market.

And if you are planning on purchasing a home, the above statistics could impact you in the following ways:

• You will probably pay more for a home now than you would have in the past few years; don't expect to find the same amazing deals that you may have heard about at the height of the recession;
• You may end up in a multiple offer situation.  So you need to be prepared to make a strong offer that a seller will seriously consider;
• Inventory is low.  This means that it may take you a while to find just what you are looking for.  So be patient and don't get discouraged.

If you are considering buying or selling a home in the Metro Atlanta area and have questions, feel free to contact me
at 678-446-5925.