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The Dalton/Whitfield County real estate market has witnessed a significant drop in Pending Sales at the start of November, falling from 87 at the beginning of October to 68. This marks a substantial decline of 21.9%, raising questions about the implications for our local real estate market.
To provide context, it’s worth noting that, since the start of my tracking of pending sales data in April this year, we haven’t seen a month with pending sales dipping below 82. Therefore, the drop to 68 Pending Sales is quite surprising. However, when we explore historical trends in closed sales for the same period, the decline may align more with typical market fluctuations.
Last year, there was a -17.8% decline in closed transactions from October to November. Considering that Pending Sales serve as a rough forecast of future closed sales, it’s plausible that we are witnessing standard market swings as the holiday season approaches and market activity slows. A promising sign is that the number of closed sales this October, which will be detailed in a later report, shows a 4.4% increase in closed transactions compared to the previous year.
While our market’s movement appears to be in line with recent history, the notable factor is the reduced rate at which new listings are coming to the market. Year-over-year, our active inventory supply has decreased by -33.9%. Without either a more significant decline in closed sales or a substantial increase in listings entering the market, it appears that we will continue to operate within a low supply market for the foreseeable future.
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
