I participated in a survey conducted by the Realtors Land Institute with other Land Brokers across the U.S. There is an abundance of information in the survey results and I would like to share some of this with you. Please be cautious when reading the data, this information has average figures for the entire nation. In summary, the prices across the board inched up about 4% from 2013 to 2014, my personal experience in west central Georgia shows price increases a little less robust. Let's look at the data!
Median $ per Acre by Land Type
Average Tract Size SOLD by Land Type
Days on Market by Land Type
Now....here is the big one!
% Price Change from 2013 to 2014
In summary, If you are a Seller pay close attention to the chart called 'days on market', property should be selling in 120 - 150 days if priced correctly, if the property is on the market longer than 180 days, it is probably priced too high. If you are a buyer and waiting on prices to bottom, the data suggest that prices have bottomed and are moving up by a very small margin, maybe flat in west central Georgia.
For information on buying or selling LAND, contact G. Kent Morris, RF, ALC
at 706.457.0090
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