Health & Fitness
Forsyth County Back to a Seller's Market!
The Residential Real Estate Market in Forsyth County is definitely starting to show signs of a rebound. We are back to a Seller's Market at several price points.
There are Five Numbers that drive a local real estate market:
1) Home Sales
2) Home Price
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3) Inventory
4) Mortgage Rates
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5) Affordability
This post will cover Inventory and then we will address the other four over the next month. In Forsyth County the inventory for June was down 42 percent from the previous year. That is HUGE! A Seller's Market is defined as 0-6 months of inventory. A Balanced Market is 6-7 months, and a Buyer's Market is 7+ months.
Forsyth County is at a Five Month Supply. Take a look at the attached PDF, which shows the breakdown by price point. You will see that the lower price points are in high demand and homes over $500,000 are still going to take some time to sell.
Based on basic "Supply and Demand" lower inventory should lead to an increase in prices, so we will cover Home Price (item #2) in the next post!
