Wondering what’s going on in the Smyrna Vinings home market? Time to recap the February home sales and our current Smyrna Vinings real estate market. Most pressing point to understand is that the Smyrna Vinings area is doing pretty well. Do we have room for improvement, sure. But it is getting harder to find those great deals for our clients as inventory continues to shrink. So let’s get to it and see what’s going on in the only market that matters most to you, your local Smyrna Vinings home market.
This chart shows you the past 12 months of home sales at any given point. As you’ll notice, the green bar is 2007 and we were selling a fair amount more homes in 2007. Sales dropped significantly in 2008, with the drop becoming more pronounced toward the last quarter of 2008. That would be the beginning of the financial meltdown. 2009 home sales started off about 32% off the level just two years previously in January 2007. We saw Smyrna Vinings home sales continue to drop in 2009, but then leveling off in late summer and actually seeing sales pick up toward the end of the year. Typically, you expect sales to be higher in the late Spring and early Summer, but that hasn’t been the case in 2007-2010.
We’ve seen overall sales trending lower for the past three years, but sales have remained relatively consistent without any significant spikes up or down. We’re starting to see the new norm of about 500 homes being sold a year versus 900 some homes sold back in 2007. That’s a pretty dramatic decrease and what has caused a lot of pricing issues, but it’s all about supply and demand.
This is our new base in terms of annual Smyrna Vinings home sales.
The Active Listings chart depicts Smyrna Vinings homes currently for sale. The general shape of the annual graphs are pretty consistent with what we would expect with more homes for sale during the early Spring months. What is different is that we’re just seeing a lot fewer homes on the market than in years. We’ve seen the inventory numbers drop off the last two years significantly and the inventory numbers really haven’t jumped up yet to start 2012. As the inventory shrinks, you will expect to see homes sell quicker as there are fewer homes for buyers to choose from and when the right home pops up, the patient buyers will be ready to jump.
Some homeowners may feel like it’s time to stay put and some may feel like they just can’t sell in this market. 2012 inventory levels are at an all time-low for January compared to the last five years. 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 how 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 were close to a seller’s market at the beginning of 2007, with the highest amount of bloat and most severe buyer’s market in July of 2009 with significant improvement in 2010 on into 2011.
We’re still in a buyer’s market, but we’re at 7.1 months worth of inventory in November versus 9 month just a year ago. Unlike 2011, we’re starting with very thin levels of inventory. For the last two months, we’ve seen a surge in pending contracts at the end of each month, in fact a we’re now seeing more pending contracts than at any time in the past year.
That is your Smyrna Vinings homes sales activity recap for February 2012. 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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