Wednesday, January 11, 2012

Market inventory hits a three year low.

Post by Mike
A comparison of the last three years in the local real estate market may be indicating a market bottom. The attached is data pulled from the Albany MLS system.

First the bad news:
-Overall, the market has contracted by $25-million since 2009. Gross residential sales for that year in the Dougherty and Lee County markets were $125-million, while gross sales in 2011 totaled $100-million.

-Average sales price has also dropped in the same period from $146,824 to $134,155.

Now the good news:
-The total MLS inventory for the market at the end of December was a total of 779 properties. That is the lowest that number has been in three years.

Values are down, inventory is down and interest rates are down. The market could be on the edge of revival.

Click the image to enlarge the report:

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