Hey everybody, Tom Townsend with Townsend Realty Group. Hey, this is our monthly Cherokee County Real Estate Market Update for July 2020. So this is all of those that are interested in the health of the real estate market right here in Cherokee County, Georgia. It’s going to include Canton, Woodstock, Ball Ground. Everything in Cherokee County, right? So I’m going to share with you some stats, and then we’re going to talk about what all these stats actually mean. So this is great for all those folks that are wondering, what’s going on in the market? Is it up, down, what’s going on? And if you’re deciding to buy or sell, is it a good time? So on and so forth.
In the month of July, our average sale price in Cherokee County was $358,000. That is up from $327,000 in June. That’s a huge jump. I do not see that that trend is going to continue. It’s unsustainable. So I think it was kind of a one-month little bump there that we had, but a great sign as far as the overall health of our market here in Cherokee County.
New listings that came onto the market in July was 690. That was down slightly from June, which was 702. However, a big increase from May, which was 581. So we’re heading in the right direction. More listings are starting to come on the market, but not nearly enough to be able to fill the gap that we have with the number of buyers, which I’ll talk about here in just a minute.
The other key indicator that we look at our pending sales, those are sales that went under contract and are now waiting to close. There’s usually about a 30 to 45 day period by the time you go under contract to the time those are closed because typically financing and people are making sure that they really want to to buy the home. So those are referred to as pending sales. In July, we had 622 pending sales that were put into a pending status. Ironically in June, the exact same number 622. Very rarely do we see that, but that’s a nice steady indicator. And then in May, we had 577. So a big jump from May into June, and then we’re continuing that into July. So that’s a very good indicator that the market is very healthy as well.
Closed sales. These are sales that closed, pretty self-explanatory. July, 627 closed sales in Cherokee County. That is up from 564 in June and 401 in May. Now, May, we still had, you know, that was the outset of the pandemic and everything really was still kind of shut down, but the great trend for July itself. That happened to be the highest number that we have seen in Cherokee County in the last 12 months was 627 sales.
The average days on the market. So this is the period of time from when a house goes on the market to the time that it actually goes under contract, was 16 days, that’s like nothing. 16 days on market on an average in July. That is actually going down. So the smaller that number is the more of a seller’s market it is. That means that when a house goes on sale, people are putting in offers and that thing’s under contract in a very short period of time. The overall inventory that we have in the market itself. We measure that in months of inventory. So in July, we only had 2.1 months of inventory on the market. A balanced market is typically six months. So you can see that we are very low on inventory, meaning we don’t have enough homes on the market to be able to fill the gap or the demand that we have from buyers.
So what does this all mean? It means that we have a very strong real estate market in Cherokee County, specifically for sellers. If you’re thinking of selling, this is a great time to do it. These numbers are heading in the right direction for you. They are all indicating this is a very strong seller’s market. Cherokee County has a lot of great things going for it. We may be a little isolated here from what’s going on in the rest of the world, or even in the nation or even in the Atlanta area because there’s a number of factors that are drawing people here to Cherokee County, which we’ll talk about in a separate video. But the fact is this is a county that is in high demand for buyers. We don’t have enough inventory on the market. So if you’re thinking of selling, it’s an awesome time to do so. We’d love to be able to talk to you about how we can drive people to your home and be able to negotiate the best price that you possibly can. If you are a buyer, you better be ready to compete. This is a very competitive market right now, depending on what price point you’re in, but right now there’s a lot of buyers out there that are looking. So you’re going to have to be ready to compete with a lot of people in order to land yourself a home. Something else that we do really well at, we position you as a buyer in a better position than your typical buyer out there. And there’s a lot of things that we do that we’d love to talk to you about.
So that’s your Real Estate Market Update for July 2020, right here in Cherokee County. Hopefully, that was helpful. Give me a thumbs up if you thought that was informative and make sure you subscribe to our YouTube channel. Hope everybody’s having a good one, thank you!