I recently shared some interesting statistics for the Smyrna housing market. Today, I’d like to share some information on single family detached homes for sale or sold in Mableton. Like in Smyrna, the numbers show some nice signs of an overall improving market for residential properties in the Mableton area.
The inventory of available home for sale has significantly dropped over the course of the last year. In April, we saw the inventory of properties for sale go down to the lowest level in over a year. Properties pended (under contract) went up, while the number of properties sold went down a little from March. Looking back to April of 2011, there’s a 17% increase in the number of properties under contract. Compared to a year ago, there’s also a significantly lower inventory of homes for sale on the market right now. Inventory has gone down 37% since this time a year ago. With the lowest inventory in over a year and the highest level of pending contracts in over a year, that’s some great news if you’re considering selling your Mableton home right now.
In the second graph, we see more good news. The sales price of homes compared to their original listing price went up 1% from this time last year. That may not seem like a whole lot, but it’s a good sign, especially when we consider that sale prices are at the highest level they’ve been in over a year. Days on the market (meaning how long between when a property was listed for sale and when it sold) increased slightly, but with the average days on the market at only 94 days, I’d still say that’s pretty good.
Compare the months of inventory in the third graph. These numbers are really interesting. Months of inventory is derived by dividing the total number of listings by the number of sales, which results in the number of months of inventory left. Months of inventory went down 26.6% since a year ago. February and March saw the lowest level of inventory in over a year. Although April went up slightly, inventory is still very low compared to the trend of the past year. For homeowners debating whether to stay put or list their homes, consider that less inventory means less competition and that is absolutely a plus is you’re ready to sell.
If you’d like more detailed information on a specific neighborhood or would like to find out what your home is worth, feel free to email me at John@PetersenPartners.com or visit www.PetersenPartners.com.