One of the best ways to gauge our market is by looking to the past, which is why, today, we’re going to be sharing a few interesting statistics from last year’s 2018 market here in Athens and the surrounding areas. As we go over these figures, we will also share how they compare to those from the same time in 2017.
First, let’s start with the total number of home sales. There were 3,540 total home sales in our Athens area in 2018. This constitutes a slight drop from the 3,705 home sales that were recorded in 2017.
The average sale price, however, rose over that period of time—going up approximately 9% from $222,454 in 2017 to $243,854 in 2018.
The average days on market saw a noticeable change, as well. Homes spent an average of 114 days on the market for 2017. Throughout 2018, they spent an average of just 83 days.
What does this all mean? Well, considering the current low inventory, we can surmise that the drop in total sales is a result of this diminished supply. It could also be that our market is beginning to balance out.
As these year-over-year statistics show, the market two years ago was quite a bit different from what we saw in 2018—or from what we’re seeing today. If this trend of rising prices continues, those thinking of buying a new home in 2019 may want to act soon. Sellers, too, should think about taking advantage of the opportunities available right now.
Of course, market statistics can vary dramatically depending on your specific area. Since our team does about 75% of our business in Oconee and Clark Counties, we’d like to give you a look into how real estate has developed in those areas, specifically, before concluding today’s update.
In Oconee County, there were 729 home sales in 2017 and 625 home sales last year. The lower price points in that area saw even fewer sales than that.
The average sales price in Oconee, meanwhile, rose dramatically—from $336,590 in 2017 to $371,000 in 2018. Finally, the average days on market in that county dropped from 128 to 105.
Clarke County saw similar trends. There were 1,546 total home sales there in 2017 and 1,478 total home sales the following year. Like Oconee County, the average home price rose. In Clarke County, this meant a jump from $197,000 in 2017 to $236,000 in 2018.
In a similar fashion to the other data we’ve covered, the average days on market in Clarke County dropped from 108 in 2017 to 68 last year.
If you have any other questions, would like more information, or are curious about market statistics for your specific neighborhood, feel free to give us a call or send us an email. We look forward to hearing from you soon.