By Inez Morton, managing broker of Coldwell Banker Residential Brokerage's South Gwinnett office
After years of diminishing home prices, the housing market in Atlanta and South Gwinnett* is bouncing back.
According to the First Multiple Listing Service, prices are up in July. The median sales price was $155,000, up almost 40% from $111,750 in July 2012. The average sales price in July was at its highest level compared to July 2012 and 2011.
One of the reasons we’re seeing prices increase is because the number of homes for sale in South Gwinnett is low. It’s a simple matter of supply and demand when inventory is low, prices rise. In July, there were 465 South Gwinnett homes available for sale, down almost 27% from July 2012.
We are seeing houses spend less and less time on the market. The days on market for July was 61, down from 81 days in July 2012. Agents are sharing their buyers’ needs with their peers when a listing goes on the market, and increasingly properties that are priced correctly go under contract quickly.
Although inventory is low, the number of new listings in July was up 21.2% from July 2012. Sellers who have been on the fence because of lost equity are now willing to move forward because home prices are rising, and they can take advantage of the market prices when they buy.
The increase in sales price is great for our county and should really help boost consumer confidence.
*The South Gwinnett statistics include the following zip codes: 30039, 30047 and 30078.