If you’re a homeowner in Cherokee County, Georgia or planning on becoming one, I’m going to be sharing an update on the latest real estate market trends from October 2023. Make sure you stick around to the end of this video so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling.
Here’s what you’ll learn in this video:
● Hidden opportunities if you’re thinking about buying or selling
● How to see what YOUR home is worth in todays market
● How long it takes for your home to sell in this market
● What Interest rates are as of October 2023
Overall, from a high-level perspective, in October there were 2.3 months of supply for residential homes available in Cherokee County. which believe it or not, keeps things in a seller’s market territory.
So, what does that mean? Months of supply tells you how many months it would take for all the homes currently on the market to sell, given the average sales volume. 4-6 months of inventory indicates a more balanced market, less than 4 months means there is not a lot of inventory available which can drive up prices. More than 6 months of supply means there are a lot of properties available for buyers to choose from, which can drive prices down.
So, how is that number trending vs. last month in September? Well, it’s up from 2.1 months which doesn’t surprise me, as we are heading into the winter market when less properties tend to get listed, and less buyers are looking because of high interest rates. I would not conclude yet that it means the market is shifting beyond what it normally does this time of year.
The average sales price for a home in Cherokee County is $485,000. But keep in mind that is average in all Cherokee county.
They range from an average price of 425k in Waleska to 603k in Ball Ground. That average price is up 14.1 % vs this time last year, and it is the exact same average as last month.
So, while it may seem like prices are stabilizing, in my opinion we are seeing a lot more properties having a price reduction than properties getting listed. Time will tell when the winter market gets underway.
Moving along, the average list to sales price ratio is 99.2% in October. That simply means that properties were selling for 99.2% of the list price. So just under asking price. That’s up from 98.6% last month, and up from 98.1% from last year. Now when you are looking at this stat you must keep in mind that it has a lot to do with the strategy a seller uses when they’re listing their property.
Now you might be wondering how long it takes a property to sell. On average in Cherokee County in October, it was taking 27 days for a residential detached property to sell. That is trending down from last month where it took 32 days on average and it is even with last year in October 2022 where it took 28 days for a property to sell on average.
So just know if you’re planning to sell your home, even though October 2023 had less days on average than October 2022, most other months from this year have sat longer than last year. For example, In July of 2023 average days on market were 26, but in July of 2022, average days on market were 15. Once again time will tell if this is market driven or just seasonally driven.
Okay if you are thinking about buying real estate soon, mortgage rates are ranging between 7.34-8.711% depending if you’re going fixed or variable, how much down payment, your credit score, and depending on if you’re financing through a bank or alternative lender.
So, in summary when you look at October’s market statistics, although it looks like things are stabilizing, I think it’s too early to call it, because October is a lower inventory month and demand is usually higher than you think, which results in an upper pressure towards pricing.
But with mortgage rates increasing we are seeing those original listing prices decreasing every day. We will only know what is really happening when we see November and December’s numbers.
Either way one important thing to understand is that macro level market statistics really mean nothing. What’s happening in Cherokee County can be completely different than what’s happening in another county or even other cities in Cherokee County. There are different micro markets everywhere.
For instance, if you’re thinking of selling, those of you in Ball Ground may see multiple offers if you have a desirable home. Not 20 plus offers like we have seen in previous years, but a few. If you are looking to upgrade that desirable home and move into a bigger home, average prices dropped by over 9% from September to October in Woodstock, Georgia. So now would be a good opportunity to make that move.
So, the bottom line is whether you’re buying or selling, your situation is unique, and a general market update should be taken with a grain of salt. If you want an accurate market analysis of your home or you’re thinking of buying and want to know where hidden opportunities may lie, you can either request a free non-obligation market evaluation HERE and scroll to the bottom of the page, or book a call with me to have a no pressure conversation about your options HERE I’ll always give you the straight good so that you’re informed to make the best decision that’s right for you. Otherwise feel free to check out my other blogs and I’ll be back next month with an updated report.