I generally write about “land” however I came across some positive statistics the other day furnished by the Georgia Multiple Listing Service. I am not positive, but I believe this is the largest MLS in the state. If not, send me a comment. I am not representing that the data reflects what is going on in your market, but it is interesting to look at, trend lines are important! Although my primary interest is land brokerage and houses with acreage, the housing market impacts what I do and land price trends lag behind but follow home prices. WHY? Because as the housing inventory decreases, builders and speculators will begin buying land and build houses so they will have inventory to sell.
I wrote an article in April 2013 and I believe that the data helps bear my optimism about the real estate market.
Let’s take a look at the data:
• Median Prices rose 36 percent
• Average Prices rose 26 percent
• New Listings increased .3 percent
• Pending Sales were up 17 percent
• Inventory Levels shrank 23 percent
• Months Supply of Homes for Sale decreased 25 percent
• Days on Market decreased 17 percent to 74 days
• Percent of Original Price Received increased 3 percent to 95.5 percent
Although I am not seeing land prices increasing yet, the activity is better and this will eventually translate into better prices!
If you are interested in Buying or Selling land, contact G. Kent Morris (706) 457-0090