2016 Winter Towne Lake Real Estate Market Update
The 2016 third quarter was an active one for the Towne Lake / Woodstock real estate market. As with most of 2016, it has been a seller's market, but we are seeing corrections in this area. Slightly over one-third of all listed properties required a price reduction.
This is still a high number and is due, in part, to sellers being over-confident about home values. Accurately pricing your Towne Lake property is still and will always be critical to sales success—at the closest value to asking price and in the briefest time frame.
Nearly 500 homes sold in Towne Lake in the third quarter and sold at, on average, 98.1 percent of the list price. While still an impressive list to sales price ratio, this has dropped nearly a full percentage point from the 2016 first quarter sales stats, in which the number was 99 percent. Nearly 25 percent of listings are expiring and must either be relisted or taken off the market. This number shows that, even with low for-sale inventory, homes fail to sell if they are not priced right or don’t appear to be in move-in ready condition.
The Towne Lake real estate market’s median sales price has now reached $219,950. This is more than a 7 percent increase since last quarter’s stats. Towne Lake is and will continue to be a very in-demand area of both Cherokee County and metro Atlanta, with a great location, amenities, excellent schools, Lake Allatoona and easy access to the interstate.
It is averaging just a 2.3 month supply of inventory (slightly less than half of what is considered a balanced real estate market, meaning neither a seller nor a buyer’s market). Fewer than 4 in 100 homes are considered distressed sales, an indicator of a vastly improved economy and job market.
As the growth of Cherokee County continues at its brisk pace, demand (and therefore, home prices) will continue to increase. Cherokee County is projected to be one of the fastest growing counties in the state for the next five to 10 years.
With 2017 just around the corner, we are already seeing a slightly upward shift in mortgage interest rates. Even the experts can’t say with certainty what will happen in this area when the new president takes office in late January. Some believe it will continue a small, incremental climb throughout 2017. This means you will pay a higher monthly payment to purchase that same $250,000 home. This is another reason not to delay too long in 2017 to make a decision about moving.
Keller Williams again lead the Metro area in market share and has participated in 23% of all closed transactions.
Keller Williams offices in Atlanta currently have exclusive use of reports done by an independent market data consultant who tracks and analyzes real estate sales across metro Atlanta. The information shared with you comes from more than 15,000 sales transactions which occurred during the third quarter of 2016. The information above is specific to the South Cherokee County Market.
Know someone you would like to see become one of your Towne Lake/Woodstock neighbors? Contact Ursula & Associates today at 678-569-4044 or email us with the details and their contact information. We will have them filling out a change of address card with the post office before you know it!
We represent buyers in all areas. Contact us direct for a free consultation 678-569-4044.
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