Hey everybody. If you’re looking for a Cherokee County Real Estate Market Update- September 2020, stay tuned. All right. It’s the beginning of the month again, and we’re going to reflect back and take a look at what happened in September in Cherokee County, Georgia. So that’s obviously going to include Canton, Woodstock, Ball Ground, Waleska, and Acworth as well. So let’s just go ahead and take a look at what’s going on in the local market here, okay.
First of all, this is Cherokee County. Cobb County was very similar, same with Pickens and some of the other surrounding counties as well. So the numbers track pretty much the same throughout the whole North Atlanta market area.
Home Value Index
So the first thing that is very interesting to note is the Home Value Index. That’s basically the average sale price that we’re finding, that are closing here in Cherokee County. That’s $324,000. That’s up 5% over the last 12 months. So a very significant increase. That’s a really good and healthy increase year over year.
Days on Market
Days on market is actually running at 13. So when you put your house on the market, it average days before you get a contract is 13 days. This basically indicates to us that it is a seller’s market. A balanced market, believe it or not, is more or less about 100 days through 120 days. That would what the industry would consider a balanced market. We haven’t seen that in our local market for years. So we’re getting very used to seeing these, very low in the teens kind of numbers in our market area. It’s been like this for quite some time. So if you’re selling, you’re in the driver’s seat, if you’re buying, you’re not in the driver’s seat, let’s just put it that way. So anyways, a very strong seller market.
Closed sales for the month of September is 514, that’s actually up 16.3% a year to date over last year. And then the housing supply which goes in tune with the days on the market of 13 is sitting at 1.8 months. That’s basically saying we don’t have any inventory. And if you’re out there buying right now, you have felt this. Very little inventory in the market, there’s a lot of things that are involved in what’s going on with that, but very little inventory out there.
New Listings that have actually hit the market is 591 that is down 8.1%, that’s something that we’re really going to take a look at that feeds into one of the reasons why we don’t have any inventory as you know, people are not putting their houses on the market as often as they were a year ago.
So the bottom line is we’re still in a very, very hot seller’s market. We broke all kinds of crazy records in the month of August, some different matrix that we kind of look at, but they’re all kind of records that actually got broke last year. So this is all backward-looking, right.
What To Look For Moving Forward?
So this looks back, the trick is, where are we going? What do we see? What are the threats moving forward? I mentioned it last month I’m going to mention it again. We are continuing to watch many of the economic indicators out there that are in the market. Some of them are not very pleasant, so we’re really taking a look at that unemployment rate, the delinquency rate, we’ve got this forbearance that is still hanging over our heads that the federal government is basically allowed homeowners that have a federally backed mortgage to be able to forego and push out their mortgages. So when that ends mid next year sometime, we’re going to have to really monitor to see how that’s going to affect it.
So forward-looking, there are some things out there that we really have to take a look at. The biggest one is the overall economy here locally, watching our unemployment rate, taking a look at the forbearance as I said, and some of those other things. So overall it’s a, still a healthy market, it’s a great market to buy, the interest rates are at historical lows. Doesn’t look like those are going anywhere anytime soon, so take advantage of that. If you need to look, take a look at refinancing, pulling some equity out, and hey, here’s an idea, pull the equity out and buy a rental property right now. A lot of people are actually doing that. Those are the types of opportunities that you need to take a look at if you want to continue to build wealth and preserve wealth in real estate, which is one of the things that we do best for folks.
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