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Forsyth County Sales for January Are In

January statistics show continued strength in the Forsyth County real estate sales.

The January numbers are in for Forsyth County real estate and the recent strong trends are continuing. Compared to January of 2012, the inventory has dropped 23 percent. The large majority of this reduction (81 percent) is in houses listed under $300,000. We remain in a strong seller’s market at this price point. However, the higher end homes are still taking longer to sell and have more competition.

The number of homes currently under contract increased 16 percent. As we continue toward the spring season, the increased buyer activity will create even more demand on the shrinking inventory. Multiple offers on new listings are becoming a normal occurrence. Finally, the number of sold homes increased 12 percent from January of last year. Again, this is weighted heavily on the lower priced homes. Only 6 percent of the sales were on homes priced over $500,000.

And perhaps the best news for Home Sellers is the average sales price increased 6 percent. As buyer demand continues to increase and inventory remains low, prices will continue to increase – moderately. The last 3 listings we sold were all the new highest sale in the subdivision. From 2008 thru 2011, this was virtually impossible to have happen. As prices continue to increase, more home sellers will be able to “afford” to sell their home and we may see resurgence in the Move-Up Market.

HOME BUYERS

In case Home Buyers were still wondering if now was the time to buy, FHA is making some increases that will affect the cost of an FHA Loan. In April, the Mortgage Insurance Premium (MIP) will increase 5 to 10 basis points depending on the loan term and loan-to-value. In the past, FHA rewarded borrowers who chose a shorter term, lower loan-to-value loans by waiving the Annual MIP. Beginning in June all FHA borrowers will be required to pay the Annual MIP.

Let me know if you have any questions or more detailed statistics for a certain subdivision.

Editor's Note: Tim Hopkins is a licensed realtor since 2001 and blogger on Cumming Patch.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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