Dacula Home Prices Continue to Fall

FMLS shows that 45 homes closed in the month of April 2011. The average sales price of these 45 homes was $150,000. Compare this to the number of April 2010, which posted 48 closings with an average sales price of $210,000. Of the 45, 21 were either . The year to date numbers are also very similar with 162 closings in 2011 as compared to 158 closings in 2010.

So while activity is practically the same, the average price shows that prices are still continuing to fall. In 2010, the average prices for the first four months were $187,000 (January), $188,000 (February), $194,000 (March) and $210,000 (April). This year, the average sales price for each month has been $163,000 (January), $162,000 (February), $173,000 (March) and $150,000 (April). The following gives a detailed breakdown of April 2011:

Price                                      Number of Homes Sold

$0 - $100,000                                        11                         

$100,000 – $200,000                            25

$200,000 – $300.000                             6

$300,000 – $400,000                             1

$400,000 – $500,000                             2

So, for those that wanted to sell last year, but wanted to wait until “the market turns around,” you have probably lost another $20,000 in equity. For those that are saying the same thing now, or currently have their house on the market and trying to hold on to a certain price point, consider the trend could also continue and see values drop again in 2012. No one has a crystal ball, but I would recommend if you want to sell and can sell, get it done now and take advantage of the market as a buyer after you sell your house.

While these numbers seem to reflect the news that housing is down and the real estate market continues to struggle, I can say that I have been working with many buyers in the higher price points and I know many realtors that are also saying they are busier than they have been in a long time. When you look at the deals that are currently under contract, the numbers tell a similar story. There are currently 114 homes in Dacula listed as “Pending.” The average price of those homes is $205,000. There are five additional homes under contract listed as a “Contingency” with an average sales price of $278,000. These should set Dacula up to have great numbers in May and hopefully that will continue through the summer months.

There are currently 384 homes for sale in Dacula, with the low being $150,000 and the high being $599,000. There are still great deals out there for buyers, but the foreclosures  are still driving the market.