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Inside Bulloch Business with Jan Moore - 'Mixed bag' to report in local real estate sales

Inside Bulloch Business with Jan Moore - 'Mixed bag' to report in local real estate sales

Inside Bulloch Business with Jan Moore - 'Mixed bag' to report in local real estate sales

Jan Moore


      Last week was the Promdicator. This week I would like to look at real estate, specifically 2009 versus 2010. With the help of local realtor Shannon Grindler - our real estate statistics guru - I have a "mixed bag" to report.
      Let's start with overall statistics. In the case of new construction half as many new homes were sold in 2010 as were sold in 2009. Specifically, 96 new homes sold in 2009, and 48 in 2010. The average sales price for those homes was virtually the same ($160,151 vs. $158,426) with only a slight decrease in the 2010 average.
      The total number of homes that sold through the Multiple Listing Service (MLS) in Bulloch County this past year was 313 with an average price of $140,855. The average price at the peak of the boom was $166,000.
      The inventory of unsold homes that are on the market is down to 499 from its peak two years ago of just under 800. This past year no MLS listed home sold for more than $500,000. There are currently 11 homes on the market listed for $500,000 or more.
      I told you it was a mixed bag. The available inventory of homes for sale has greatly decreased, but a significant number remain. And this may be surprising to many of you. According to Grindler, there are a number of interested buyers.
      "We are in the weirdest situation," Grindler said. "There are a lot of people that want to buy a home here, but they simply are unable to sell the homes that they own in other cities and states. We have professors, doctors, business people that are renting homes."
      Grindler said there aren't any higher end homes left to rent. "From Irongate to Hunters Pointe, they are all rented," she said. "It is completely strange to be in this position, but people are so underwater in the homes that they have in other places, that there really isn't anything that they can do but rent, until their house sells at some point."
      This does bring up a very telling local statistic. The List/Sales ratio shows the difference between what a house was listed for and what it actually sold for. Overall in 2010, the houses that sold in Bulloch County sold for an average of 92 percent of the listing price with an average of 166 days on the market.
      What I would take from this is the following. If you want to sell your house for a realistic price based on comparables, be prepared to wait almost six months and take an 8 percent hit on what you thought you would sell it for when you picked up the phone to call your realtor.
      Most importantly, homes are continuing to sell, and the inventory of homes for sale is going down, which is good news for all Bulloch County homeowners.

      So, until next Tuesday, I bid you au revoir.

Got a scoop for Jan? Call her at (912) 489-9463 or email her at jmoore@statesboroherald.com

 

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