While Smyrna Vinings home sales dipped a little in March, we’re still anticipating more records this year. Mortgage rates have retreated to a several month low with signs pointing to a slowing economy. As such, the Fed has put a halt on raising interest rates further and is now in a holding pattern waiting to see where things might go from here. Home sales are rising and while inventory is increasing, it’s still not keeping pace. The Spring Smyrna Vinings housing market should be exciting.
This chart shows you the past 12 months of home sales at any given point. As you’ll notice, home sales have exceedingly improved over the past nine years.
The Active Listings chart depicts Smyrna Vinings homes currently for sale. As a general rule, we’ve seen inventory increase through the May to July range and then see the amount of Smyrna Vinings homes for sale reduce towards the end of the year. While sales and months of inventory numbers vary drastically from previous years, the one thing you can count on is that inventory decreases in the last quarter of the year, as indicated above. The big difference of course is that the overall number of homes on the market is just much less than in years past due to homes selling so quickly.
Smyrna Vinings homes for sale are at a higher level than the same time last year, part of that is driven by the unusual increase in homes for sale in December. But not to worry, current sales volumes continue to absorb any increase in actual inventory available for sale. One additional source for additional inventory can be new construction as it comes online. If you’re interested in new construction, here are all the latest Smyrna Vinings new construction homes for sale.
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As sales have improved over the last few years, we’re also seeing prices increasing as well. We’re going to continue to see more equity sellers in the market and fewer distressed properties as we move forward over the next couple years. This will result in continued low inventory levels as the number of equity sellers that can afford to sell will be outnumbered by buyers eager to take advantage of prices that are still very reasonable and interest rates that are phenomenal.
If you’ve thought about selling and just aren’t sure, be sure to contact us or find out how much your home is worth. Less competition is a good thing if you’re ready to sell.
One other important statistic that we like to track is the overall health of the Smyrna Vinings home market. Months of inventory is a calculation that takes the current amount of homes for sale and divides that by the number of homes that have sold in the last 12 months. What the result means is if no more homes were listed, how many months would it take, based upon the past 12 months activity, to sell all the homes currently for sale.
A result of 6 months is considered a healthy market, less than 6 months a seller’s market and more than 6 months, a buyer’s market. What we can see from the chart above is that we have lower inventory levels right now than at any point in the past five years. Compare that with the highest amount of bloat and most severe buyer’s market in July of 2009 with significant improvement starting in mid-2010 and continuing through today.
In March, inventory levels came up a bit. As prices have increased this year, we have seen a big pickup in new construction and an increase in resale activity as more home owners can afford to sell. We are a seller’s market based on current inventory levels of 2.55 months of inventory versus a balanced market of 6 months of inventory. What this means as you will continue to see prices rise from here as demand outpaces supply. Smyrna Vinings home buyers are buying homes very quickly in today’s market.
That is your Smyrna Vinings homes sales activity recap for March 2019. Hope that was helpful and don’t hesitate to contact us if we can help you sell your Smyrna Vinings home or find your new Smyrna Vinings home.
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