I recently shared some interesting statistics for attached homes, condos, and townhomes in Smyrna as well as information on single family detached homes for sale or sold in the 30082 zip code. Today, I’d like to share some information on single family detached homes for sale or sold in Smyrna zip code 30080. Again, the numbers show some nice signs of an overall improving market for residential properties. While there is certainly room for improvement when we begin comparing the housing market to what it once was, the point I’d like to really make is that Smyrna is doing pretty well. It’s all about supply and demand and I’ve certainly noticed that finding unbelievable deals for my clients is getting harder and harder as the inventory of homes for sale shrinks and prices hold steady.
Heading into the spring selling season, the numbers of homes sold and pended (under contract) steadily rose. Meanwhile, 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 down a little bit from a peak in March. Properties sold went down a little as well. Yet, looking back to April of 2011, there’s a 5.6% 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 almost 31% since this time a year ago. That’s good news if you’re considering selling your 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 3.4% from this time last year. Days on the market (meaning how long between when a property was listed for sale and when it sold) increased 3.4%, with the average days on the market down to 82 days versus March’s 128.
Looking to the third graph, we can compare the months of inventory. 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 28.4% since a year ago. March saw the lowest level of inventory in over a year. Although April went up slightly, inventory is still very low. 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.
Later this week, I will be sharing more statistics and information on the housing market in Mableton. In the meantime, 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.