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In January, the Dalton/Whitfield County residential real estate market witnessed a decline in the average sold price to list price percentage compared to December, raising questions about its implications for the market.
This decline, however, was expected given the significant increase in the median days on market (DOM) for closed sales from December to January. With a 94% uptick in median DOM, it’s natural for the sold/list percentage to decrease by 2%. Typically, as homes spend more time on the market, prices tend to adjust downwards to attract buyers.
It’s noteworthy that the average sold price to list price percentage of 97% mirrors that of January 2023, which then dropped to 95% the following month. Contrary to expectations of a further decline in the upcoming month, there are indications suggesting a potential stabilization or even an increase. Signs of increased demand include a decrease in the median DOM of active inventory (indicating more new listings), a month-over-month increase in pending sales volume, and a decrease in active inventory. These factors collectively suggest a potential resurgence in market activity, which could influence pricing dynamics positively in the near 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
