June Housing Numbers For Forsyth County Home Sales

Our local Forsyth County Residential Real Estate market remains in a strong Seller’s Market.  Please see the attached graphic which contrasts a Seller’s Market and a Buyer’s Market.

Compared to June of last year, our inventory is down 12% with about 1,200 homes on the market.  The real shortage is the under $150,000 market which only has 72 listings in the entire county. 

The number of closed homes jumped significantly with a 39% increase over this time last year.  This can be attributed to a growing pool of buyers waiting for homes to hit the market.  When a properly priced home enters the market, it will often receive multiple offers.  This results in a bidding war which can mean the Seller receives a sales price above their list price.  Unfortunately the seller’s excitement is usually dampened when the appraisal comes in lower than the sales price.  We are seeing this exact scenario play out on a weekly basis. 

The good news is we are now seeing modest price increases which allow values to improve quicker.  When we were classified as a “Declining Market”, downward adjustments were made on values to account for the decreasing prices.  Steve Shultz, a Certified Residential Appraiser with over 20 years of experience in Forsyth County, is now beginning to make upward adjustments on some appraisals because we have had an increase in value over the last 12 months.  Steve is quick to point out that real estate is a local business and not all areas are increasing in value.  However, he sees definite improvements in value in Forsyth County south of Hwy 369.

Towards the end of the month, I will report on some more specific data when we compare 2nd Quarter of this year to 2nd Quarter of 2012.

Please let me know if you have any questions.

Tim Hopkins

www.tkosales.com

678-341-7403