The average sales price for those homes leapt from $240,063 to $264,960. A whopping 10 percent increase over a year ago.
Although prices are showing strong gains, we still have a way to go before we return to peak-level values.
A comparison of home values in Forsyth County to their near peak levels shows prices are still down approximately 20 percent from their highs.
New construction inventories are positioned to climb over the coming summer which may prove to be a release valve for the low inventory and give re-sellers more competition. However, there are a couple of reasons why I think buyer demand is likely to remain strong.
First, companies are moving more people; the number of relocation buyers is increasing. Secondly, we will see the "boomerang" buyers. Those buyers who lost their home in a short sale or foreclosure during the housing bust. Those buyers will be re-entering the market, anxious to return to home ownership.
Bob Strader is a local realtor with the NORTH Group of Keller Williams Realty. Visit his blogs liveincumming.com or liveinalpharetta.com or email him: email@example.com.