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For an understanding of the pace of our residential real estate market in Dalton/Whitfield County, we’ll examine the current data and compare it to previous months and last year, providing a comprehensive view of the market’s climate.
In October, our closed sales demonstrated an increase in the median Days on Market (DOM), rising from a mere 17 DOM in September to 21 in October. This indicates a relatively quick moving market, particularly for homes priced competitively. A broader historical context reveals that the median DOM for residential sales in October 2022 was 23 DOM. Therefore, year-over-year, our market is still operating at a faster pace than the previous year.
Moving into November, we observed a slight increase in the median DOM for active inventory, which reached 51 DOM, up by just 1 day from October’s median of 50 days. This trend has been consistent since July, when the median DOM stood at 41 days. A look back to November 2022 indicates a median DOM for active inventory of 62 days, and it continued to rise until March 2023 when the median DOM dropped significantly by over 50%.
Historical patterns suggest that we can anticipate a gradual increase in the median DOM for both residential sales and active inventory as we enter the holiday season. However, in our inventory-depleted market, it won’t take substantial amounts of new inventory to maintain a low median for active listings. Well-priced properties have the potential to sell quickly, possibly yielding similar results in the residential sales data.
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
