Smyrna Vinings home sales remained strong in December. Mortgage rates retreated to a several month low with all the chaos being created by the current administration, so many buyers will be looking at this as a last chance to grab some low rates. Sales are rising, but inventory is not keeping pace. The end of the year was a wild ride in the stock market and time will tell how that impacts the housing market in 2019?
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.
2018 Smyrna Vinings home sales finished the year on a strong note.
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.
In an unusual move, inventory actually increased in December, which as you can see from above, is the first year that has happened in the past decade. It is certainly not time to sound the alarm yet, but clearly some buyers are getting hesitant with some of the Kindergarten antics happening in our federal government and the implications it may have on the coming year. Pending home sales also declined 15% from November, but with rates coming back down, expect buyers to come back in January. 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 December, 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 2.1 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 December 2018. 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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