Health & Fitness
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
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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!
Find out what's happening in Lawrencevillewith free, real-time updates from Patch.
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.
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 2.6The 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!
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