It is that time of year where we tend to look forward, making predictions on what will happen in the coming months.
It’s also valuable to look back at this time to see where we have been and how things have improved – or in the case of years past, how things have declined.
There is no surprise here that real estate values in our area have improved, but the amount of improvement is very encouraging.
Comparing home sales data for the fourth quarter of 2013 to 2012, you can see the number of sales was basically flat, but asking prices were up 6 percent. Higher asking prices typically lead to higher sales prices and that bore out as well.
The average list price (asking price when a property went under contract) was up 7 percent and average sales price was up 8 percent from one year ago.
When you have sales prices rise at a higher rate than asking prices, it means properties are selling closer to asking price.
Low inventory helps with that.
Homes were taking 40 percent less time to sell on average and, while it isn’t reflected in the chart above, North Fulton had approximately four months of inventory at the end of 2012 compared to three months at the end of last year.
Next week, I’ll share the sales data for Forsyth County.