The Smyrna Vinings home market continues to improve despite the overhanging impact of coronavirus and the impact on the economy. Clearly historically low rates have helped to hold up demand in the market so far. But what are the impacts in the coming months and perhaps years. Only time will tell. But as of August, the Smyrna Vinings homes market is holding strong and will likely continue as long as rates remain extremely attractive.
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 and the coronavirus is not stopping that trend in Smyrna Vinings.
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. That is definitely not a trend that we have followed this 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 plummeted in March as sellers went into hiding, but bounced back some in April, then bottomed out again in May and the slide has continued. A lot of this can be attributed to an increase in pending home sales at the end of August. Current sales volumes continue to absorb any increase in actual inventory available for sale, but lets keep an eye on it as we head into Summer. 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 back in 2011.
In August, inventory levels continued to drop. 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 1.1 months of inventory versus a balanced market of 6 months of inventory. What this means is you will continue to see prices rise from here as demand outpaces supply. Another interesting point is how the inventory numbers have varied significantly throughout the last five years, but at the end of the year, it’s pretty amazing how the months of inventory is nearly identical over each of those five years.
That is your Smyrna Vinings homes sales activity recap for August 2020. 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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