Home Prices Continue To Rise in Forsyth County

Forsyth County Real Estate continues to shine.  We’ve experienced an 11.7% increase in median sales price when comparing 2nd quarter of this year to 2nd quarter of 2012.  The median sales price was $264,000 this year versus $237,000 last year.  We can break it down further by splitting out New Construction and Resales.  Median sales price for New Construction increased 12% while Resales increased 16%.  The median sales price has now increased for six consecutive quarterly periods.

The number of sales jumped 34% over the same time last year.  The type of sales we are experiencing is also very encouraging.  Foreclosures only made up 6.8% of our sales.  That’s down from over 21% early last year.  Short Sales are also on the decline.  They were at 8% of the sales and were over 22% early last year.  Total distressed sales dropped from 43% of our market to 15.5% of our market over the last 18 months. 

Perhaps the most driving force for this resurgence is continued low inventory.  We are at a 3.1 month supply of inventory for all of Forsyth County.  We are in the midst of a strong Seller’s Market at prices below $500,000.  However, homes priced above $500,000 are still in a Buyer’s Market.  This low inventory has driven down the average Days on Market to just 50 days.  Homes that hit the market at the right price are selling in an average of 19 days!

Please let me know if you have any questions.

Tim Hopkins

www.tkosales.com

678-341-7403