Spring Towne Lake Real Estate Market Update
We are seeing a very active Spring real estate market in Woodstock/Towne Lake. It continues to be a seller's market so, for those wanting to make a move this summer, this is a crucial time to get your home on the market. Be warned, however, that accurate pricing of your Towne Lake property is critical.
For all homes sold in Towne Lake in the 2016 first quarter, 59 percent of these were only on the market for 20 days and sold at 99 percent of the list price. In contrast, those that were not realistically priced--41 percent--spent more than six times that on the market (131 days) and had a list-to-sales-price ratio of just 92.8 percent. This data is hard evidence that you should not simply list with the real estate agent who offers to list your home for the highest price. Your list price must still be comparable to the area and justifiable by its condition and upgrades.
In terms of the number of homes for sale in the Towne Lake real estate market, we are still at a lower number than a year ago April. This is an issue for the entire Georgia real estate market as well, where inventory levels shrank 10.3 percent in April. Our advice at Ursula & Associates for home buyers is to be realistic with your offers (days of low ball offers in hopes of scoring a deal are over) and to take fast action.
A comparison of the first quarter of 2015 with Q1 this year, continues to tell the story of an improving and strong real estate market. The number of sold properties is up an impressive 13.4 percent and, of even greater importance, the average home sales price is up 6.3 percent.
Towne Lake is one of the biggest areas in demand in Cherokee County, as evidenced by the fact that, in the first quarter, the Towne Lake real estate market is averaging a 2.5 months supply of inventory (still about half of what is considered a balanced real estate market). In comparison, two other Cherokee County selling regions are averaging an inventory of 5.3 and 3.1 months.
As the growth for all of Cherokee County continues at its steady pace, demand (and therefore, home price) will continue to increase. Cherokee County has been projected to be one of the fastest growing counties in the state for the next five to 10 years. According to new population estimates released earlier this month by the United States Census Bureau, Woodstock ranked ninth in the state’s top 10 fastest growing cities, when it recorded a population increase of 7.6 percent.
The Atlanta Regional Commission released its latest county population forecasts and is predicting Cherokee County will add 160,000 additional residents over the next 25 years. For those of you already enjoying the many benefits of living in Cherokee County, you can say you were one of the early arrivals! And if you have a friend, family member or coworker who you would like to see become one of your Towne Lake/Woodstock neighbors before the rest of the gang gets here, have them contact Ursula & Associates today!
Ursula & Associates is a residential real estate team specializing in Towne Lake/ Woodstock, Cherokee and East Cobb Counties and are the number 1 home sellers in zip code 30189.
We represent buyers in all areas. Call us direct for a free consultation 678-569-4044.
Keller Williams Realty Partners – Reach our broker: 678-494-0644