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Home sales fall by 25% month-over-month, from 51 in May to 38 in June, but our local market movement is down by 46% year-over-year, going from 70 in June of 2022 to 38 in June of 2023!
All it takes is one month of slowing movement to change the indicators of the market. While we have remained steadily near a 2-Months Supply of inventory in Dalton/Whitfield County, the 25% decline in sales in June lead to Inventory growing by 30%, to 121 Homes Actively Listed, therefore increasing our months’ supply from 1.8 Months to 3.2 Months.
Our Pending Sales Inventory has increased month-over-month, from 82 Pending at the start of June to 88 at the start of July. An 8% increase in Pending Sales may not sound significant, but it is a push in the right direction to keep the pace of our market stable.
Could this fall in sales turn around in July? With an increase in supply at the start of July, it may be an easier time for buyers to find what they have been looking for and get their offer accepted! Although, as you will see in reports released later this month on my page, the DOM, Sold to List Price ratio, and median and average sales prices are not showing many signs of helping buyers out. The main perk a buyer will experience in this market is an increased supply to choose from.
Sellers must stay vigilant of the current climate of the market, and most specifically the other homes on the market. It is no longer an environment of throwing a price on your home and seeing what works. If you’re looking to sell be sure to price your home competitively, after all buyers currently have 30% more homes to choose from and you may have a 25% lower chance of finding a buyer right now!
Remember, the best way to learn about your local market is through a local realtor, not the national media. While there are factors that play into every market there are many that differ on the local level. So whenever you need to know about the local market contact me!
Jacob B. Mitchell
Cell: 706-581-6401
Office: 706-226-5182
Email: AgentJacobMitchell@gmail.com
www.RealtorJacobMitchell.com
Coldwell Banker Kinard Realty
