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Despite the growth of active inventory and the increase in median days-on-market, we continue to see Sales Price Growth in all sectors except Median sales price month-over-month. What does this mean for the outlook of our market?
In our June Residential Sales Report, we saw that Y/Y growth for the Median Sales Price was just a tenth of a point away from double digits. While June did see good growth, July Sales blew it out of the water with a 23.2% Y/Y Median SP, 34% Y/Y Average SP, and a 19.8% M/M Average SP Increase. The only factor falling behind is the M/M Medians SP, coming in at -2.8%.
One thing is for sure, compared to last July, there was much more movement made by people with a higher price range in the Dalton/ Whitfield County Market. However, compared to June 2023, there were more buyers in a lower price range this month than last, but the higher-priced homes that did sell were more expensive than last month as it propped up the Average SP by nearly 20% M/M.
It will be interesting to see if such a drastic shift in the market will hold, or if we will see negative percentages next month as the pricing balances out. I suspect we will see a shift back downward in our M/M Average SP as holding a 20% increase is significant for just one month time, but I wouldn’t expect to see a Y/Y fully correct as these numbers may signify as season uptick in demand and the seasonality may adjust in parallel with last year’s.
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
