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Following a sluggish September, where we witnessed the second lowest sales month of the year, the Dalton/Whitfield County market saw a significant response in October. Sales rebounded, surging by 17.5% month-over-month, which might initially seem like a positive development. However, a more in-depth examination reveals a nuanced scenario.
Comparing the data to October 2022, we observe that sales have increased year-over-year by 4.4%, climbing from 45 to 47 closed sales. Yet, it’s essential to consider the broader market context. In October 2022, there were 186 active listings, while now, there are only 135 active listings. Consequently, the months supply has dropped from over 4.1 months supply to just 2.9 months supply year-over-year.
The impact of the fall in active inventory, coupled with increased sales numbers, has both positive and negative implications, depending on one’s perspective. For sellers, the heightened competition can potentially drive up prices for some homes, providing a favorable scenario. However, for buyers, this heightened competition might create a more challenging environment.
Looking ahead, if historical trends repeat, we can anticipate relatively stagnant sales through the holiday season. This could be followed by an increase in sales in mid Q-1 of 2024. However, the drop in pending sales suggests a potential decline in closed sales next month, introducing an element of uncertainty.
Jacob B. Mitchell
Cell: 706-581-6401
Office: 706-226-5182
Email: AgentJacobMitchell@gmail.com
www.RealtorJacobMitchell.com
Coldwell Banker Kinard Realty
