Looking at the quarterly sales for single-family home sales in Forsyth County, I have to say I’m not surprised to see the improvement, but I am surprised at the extent of how far things have come in the past year. By every single measure, our housing market has made significant improvements in the past 12 months.
Comparing first quarter of this year to 2012, not only have asking prices jumped, but average and median sales prices are up as well, 8 percent and 6 percent respectively. Sellers are selling closer to asking price and it’s only taking about half the time to sell.
However, this market isn’t without its challenges. Even though prices on average are going up, appraisals can still be an issue.
While we have moved from what appraisers classify as a declining market to a stable market, appraisals are not staying current with the housing trends we have today. The numbers in this chart clearly show Forsyth County in an increasing market.
Until appraisals begin to ease, I think we’ll continue with a slow climb up in average sales price. The increasing number of new homes being built will help with values as well. Once appraisals do come into line, more sellers will find themselves in a position to sell, which will increase inventory, giving buyers more to choose from.
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.