How Has Our Market Changed in 1 Year?
A lot has changed in our local market over the past 12 months, and it’s time to review some of the most notable developments today.
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A lot has changed about our local real estate market since last year.
For one thing, there was a 15% increase in the number of homes sold in the first quarter of 2019 compared to Q1 of 2018. And of those transactions, only 2% were distressed sales.
Over that same period, the average sales price rose 6.5% to $342,116.
But while more homes have been selling (and for more money, at that), the amount of time it takes deals to close has increased. Year over year, the average days on market increased nearly 33% from Q1 of 2018 to Q1 of this year, leaving us with a current average of 47 days.
One area that didn’t change significantly, though, was the average list-to-sales price ratio sellers achieved. During the first quarter of last year, this average list-to-sales price ratio was 95.5%. This average has since dropped, but only by about 1%. In other words, sellers are having to offer up a bit more flexibility in negotiations than was true in the recent past.
Speaking of this, 44% of East Cobb sellers in the first quarter of 2019 had to reduce their listing’s price before they got an offer. Only about 41% of sellers had to do so at this same time last year. Of course, pricing your home correctly from the start is always ideal. East Cobb sellers who were able to avoid price reductions in the first quarter of this year sold for 98.5% of their asking price. Those who had to reduce their list price, meanwhile, saw a list-to-sale price ratio of just 92.6%. As you can see, overpricing your home can cost you thousands.
Hiring an agent who understands the market is critical to avoiding major missteps like this. Not only will they be able to help you understand current trends and conditions, but they’ll also be able to help you use them to your advantage.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.