Recapping Our 2018 Market
It will be more important than ever for home sellers to price, stage, and market their homes properly in 2019.
What happened in our East Cobb market in 2018? Let’s look at the year-end numbers:
In terms of active listings, 4,626 homes came on the market—a 5% increase compared to 2017
We ended the year with 647 active listings and 248 pending sales
There were 1,550 failed listings—a 5% increase compared to 2017
Our average month’s supply of inventory rose from three months in 2017 to five months right now
The median sales price rose 5% from 2017 to $346,750
The list-to-sale price ratio was 97.5%, which is virtually unchanged compared to 2017
The average days on market was 51 days—an 11% decrease compared to 2017
There were 2,925 total home sales—113 fewer than 2017
What do these numbers mean?
First, when we look at how our supply of inventory grew, it tells us we’re not in a seller’s market anymore. We’re not in a buyer’s market either, though—we’re in a balanced market, and this a healthy development. Balanced is what we want.
When you combine our growing inventory with the fact that the number of failed listings rose, it means it will be more important than ever for home sellers to price, stage, and market their homes properly in 2019. It’s also crucial that you pick the right agent to represent you.
These numbers also indicate another important trend for home sellers to take note of in East Cobb. From January through June, the average sale price rises, peaks around mid-May, and then starts to decrease once July hits. In other words, if you wait until the summer market starts to list your home, you won’t be able to take advantage of the February-to-May time frame that will give you your best chance at selling for top dollar.
In short, 2019 is going to be a little different, but it’s still going to be an amazing year for our market. If there’s a specific neighborhood or zip code you’d like to know more about, give us a call, and we’d be happy to pull the numbers and give you a more in-depth market report.
As always, if you have any other questions about our market or you’re thinking of buying or selling a home soon, feel free to reach out to us as well. We’d love to help you!