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Lawrenceville Georgia's Shifting Real Estate Market - It has come a long way in the past year!

Lawrenceville's real estate market has come a long way in 2012. We are seeing foreclosures down and inventory is low. Are home prices any higher though? We are in a "Buyer's Market" still right?

Lawrenceville's real estate market has come a long way in 2012.  We are seeing foreclosures down and inventory is low. Are home prices any higher though? We are in a "Buyer's Market" still right?

According to Georgia MLS we see the following statistics;

Report Date: Oct 20, 2012

MeasureMonth20122011% Change New Listings January 309 385 - 19.7% February 356 348 2.3% March 323 411 - 21.4% April 335 408 - 17.9% May 309 391 - 21.0% June 299 362 - 17.4% July 255 332 - 23.2% August 254 347 - 26.8% September 186 315 - 41.0% October 0 296 0.0% November 0 288 0.0% December 0 269 0.0%

Since February of this year we have seen a decrease in year over year list inventory. New listings for the twelve months ending September showed new listings down over 40% from a year ago at this time.

MeasureMonth20122011% Change Active Listings January 1,280 1,920 - 33.3% February 1,307 1,914 - 31.7% March 1,257 1,963 - 36.0% April 1,219 1,893 - 35.6% May 1,179 1,847 - 36.2% June 1,139 1,813 - 37.2% July 1,041 1,731 - 39.9% August 992 1,682 - 41.0% September 843 1,604 - 47.4% October 0 1,503 0.0% November 0 1,427 0.0% December 0 1,323 0.0%

Active listings too are down.  Throughout 2012 we have seen the numbers of listings of substantially. Those figures are growing as we looked a year ago at 1,604 homes on the market in Lawrenceville, today just 843 or about half!

MeasureMonth20122011% Change Average Sales Price January 97,008 127,337 - 23.8% February 100,451 115,818 - 13.3% March 98,333 105,794 - 7.1% April 108,726 109,140 - 0.4% May 119,032 104,990 13.4% June 115,817 103,202 12.2% July 109,711 113,491 - 3.3% August 117,976 105,957 11.3% September 121,906 103,474 17.8% October 0 91,949 0.0% November 0 104,020 0.0% December 0 102,528 0.0%  

The good news is that this has had a positive impact on sales prices.  Year over year through September the average sales price on the average Lawrenceville sold home last month was up 17.8% higher than a year ago! As you can see in the chart above, for four out of the past five months we have seen price gains.

 

MeasureMonth20122011% Change Average Days on Market January 116 132 - 12.1% February 95 122 - 22.1% March 96 119 - 19.3% April 103 129 - 20.2% May 80 105 - 23.8% June 89 101 - 11.9% July 92 120 - 23.3% August 105 122 - 13.9% September 106 122 - 13.1% October 0 108 0.0% November 0 115 0.0% December 0 133 0.0%

Well with prices up, inventory down, it must have a measurable impact on days on market right? That is correct! All year long the dreaded "days on market" category, the one that measures how long it takes to sell your house, has dived. January of 2011 it took on average 132 days to sell your house in Lawrenceville, but last month only 106 days!

MeasureMonth20122011% Change New Foreclosures January 81 129 - 37.2% February 80 106 - 24.5% March 71 104 - 31.7% April 77 118 - 34.7% May 51 118 - 56.8% June 97 100 - 3.0% July 57 79 - 27.8% August 49 83 - 41.0% September 49 106 - 53.8% October 0 97 0.0% November 0 95 0.0% December 0 91 0.0%  

This is I think the most profound news of all. Foreclosures have been dropping dramatically in 2012.  Last month we saw an over 53% decrease year over year in new forecloures!  That is very good news as we seem to getting back to a more normal market. It will take some years to regain some form of "normalcy" in the market, but what we can put our hands on today is a feeling that things seem to have stablized in the Lawrenceville housing market at last.

What about that question I asked regarding whether this was a "Buyer's Market" still? Let's look at housing supply;

Report Date: Oct 20, 2012

Closed Transactions Over:12 Months6 Months3 Months Number of Closed Transactions: 2,724 1,372 643 Average Properties Sold Per Month: 227.0 228.7 214.3 Current Number of Actives: 552 552 552 Months Supply on Market: 2.4 2.4 2.6

The experts tell us that a housing supply of less than 6 months is considered a Seller's Market.  At 2.4-2.6 months of housing inventory, we are in a "Seller's Market" at this point today.  The market is shifting and this time for the better for homeowners!

For more information on Lawrenceville neighborhoods feel free to call Hank Bailey at (678) 252-9257, email to hankbailey@prudentialgeorgia.com or follow @PrudentialGARE on twitter.

Click here to view Lawrenceville neighborhoods and MLS listings in each, and visit my new website www.hankbailey.prudentialgeorgia.com to create an advanced MLS search including foreclosures, short sales, new construction, and by schools! 

Want to see more on Lawrenceville Schools including test scores, locations, parent reviews? Information on Lawrenceville listings? Need information on Lawrenceville Utilities and how to connect? Do you wonder what things to see and do in Lawrenceville? View the New Movers Digital Magazine to find out more about Living in Lawrenceville and experience the most unique digital magazine in existence!

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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