Trying to figure out how long it will take to sell can cause a lot of stress when selling a home, especially if you have to move at a certain time. You don’t want to have to move twice if your home sells too quickly, but moving without having it sold may make buying another home impossible for many homeowners.
When comparing sales for the first quarter of 2015 to the first quarter of 2016, I found some interesting facts. The inventory levels are down slightly in Clarke County but sales have remained steady. In the Five Points area, demand has increased with sales up 30% over last year.
Number of homes listed and sold in 1st Quarter
January – March 2015 2016
Listed Sold Listed Sold
Athens-Clarke 937 235 768 225
Oconee County 473 111 468 128
Madison County 163 34 170 45
Five Points 108 28 109 37
Another bit of encouragement is that sales time for Clarke County has dropped from 197 to 128 days on market. Oconee has increased slightly but that is likely from new construction taking longer to close.
There is no way to know exactly how long it will take to sell a home but looking at current data, it seems that 4-6 months is a realistic time to count on.
Even though sellers are in a better position than last year, it’s important to give the best first impression to potential buyers. A realistic list price, along with condition and the general appeal of the home will give you the best opportunity to be one of the quick sales in your neighborhood.
When the 2nd quarter sales numbers are in, we’ll have a better idea of the direction of the real estate market. Election years tend to have lower home sales, but with the still low interest rates, we believe 2016 will show stronger sales than 2015.