Home sales over the past two years have remained level, but as we start 2018, we are seeing a decline in home sales. That’s not because there are no buyers, it’s due to the lower inventory.
This graph shows a steady increase in home sales in Clarke, Oconee and Madison County Real Estate Market Report since 2012.
These numbers reflect the number of new home sales in 2017.
Clarke has a few newer subdivisions with remaining lots being completed but no subdivision with many options. In Oconee County, new homes are available in Boulder Springs, Pebblecreek, Whitlow Creek, Grove Park, Coldwater, The Georgia Club, Fairfield Meadow, Highland Park and Wildflower Meadows. Madison County has a few new homes listed in Royal Oaks subdivision.
Prior to 2012, there was less inventory because many homeowners didn’t have equity in their homes, making it impossible to sell without making a contribution to pay off the mortgage at closing. Buyers were wary at that time and the downturn had caused financial burdens for many builders.
As we are heading into the spring 2018 market, we are seeing a shortage of available homes for sale. Buyers are eager to buy, especially with the threat of interest rates increasing but homes, especially under $250,000 are in limited supply. Clarke, Oconee, and Madison counties have a total of 425 active listings and 274 homes listed as “under contract”. We are seeing multiple offers on homes in most areas that in the lower price range. We are definitely in a seller’s market.
Since we have a healthy economy predicted for 2018, it’s likely that this seller’s market will continue.
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