Real Estate Sales Rebound in July

  After taking a downturn in June, area real estate sales in July rebounded nicely posting significant gains over the results from July 2011. Unit sales as reported through the MLS® system of the Georgian Triangle Association of REALTORS® (GTAR) totaled 186 properties an increase of 8% from the prior year. Dollar revenue for the month was up 19% stemming from the fact that there were a number of high-end sales in the $500,000 to $1.5 million + range processed for the month. Activity in the upper end of our market has been slower this year than anticipated so it was encouraging to see this segment of the market begin to gain some momentum as we head into the fall selling season.

  Year-to-date MLS® sales in the area now total 1,163 properties, a 9% increase in sales over the first 7 months of 2011 when1,063 MLS® sales were reported. MLS® dollar revenue as of the end of July stands at $337.4 million, up7% from the $316.1 million sold through the end of July last year. This year we are seeing a much higher level of sales activity in the $200,000 to $499,999 price range as buyers take advantage of the continuing low interest rates to move up to more substantial homes. Sales in the $200,000 to $350,000 segment are up 12% with 561 sales reported this year compared to 502 in 2011. In the $350,000 to $499,999 range, sales are similarly up 11% with 161 properties sold year-to-date versus 145 last year.

  There continues to be an abundance of inventory listed for sale. Year-to-date 4,246 new listings have been processed compared to 4,033 in the first 7 months of last year, an increase of 5%. Essentially 1 out of every 3.6 properties listed for sales sells. At the end of July there was 25 months of unsold housing inventory on the market.

  In my next posting I will review year-to-date area sales by type ie: single family versus condo etc. as well as how sales are stacking up in the various municipalities throughout our area. In the meantime, should you have any questions or to confidentially discuss your personal real estate goals, please do not hesitate to Contact Me.