It had to happen—all markets operate in cycles, and ours is no different. As we look at the data for the first half of 2018, the housing stats are showing very positive signs for our local residential market.
By the Numbers: A 14% Increase in Sales
The activity in the first five months of the year has been remarkable. A total of 250 residential properties have sold, representing over a 14% increase in closed transactions compared to the same period last year.
The Median Price Shift
While volume is up, so is the cost of entry. The median home price in Columbia County has risen again and currently stands at $252,500.
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For Sellers: This is excellent news, as home prices have climbed 3% since last year.
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For Buyers: This rising median price is making it increasingly difficult for first-time homebuyers to enter the market.
Efficiency in the Market
One of the most telling stats is the Average Days on Market (DOM). It has dropped to just 146 days. Homes are moving faster, and the inventory is being absorbed at a much higher rate than in previous cycles.
A Message for Potential Sellers
If you have been thinking of selling, the current data suggests you shouldn't wait. Markets are notoriously fickle, and while the current signs are positive, some analysts are predicting a slowdown in the not-too-distant future. Capitalizing on the current 3% price growth and low days on market could be a strategic move.
