Foreclosures and Short Sales Putting Downward Pressure on Market

This week I wanted to take a look at all the active, pending and sold transactions in Dacula so far in 2011. I also wanted to break those statistics down and see which price point was doing the best for our area. I ran reports and used four categories. The categories I used where:

1. Under $200,000.

2. $200K-$300K

3. $300K-$400K

4. Above $400,000

Under $200,000.

$200,000 - $300,000

$300,000 - $400,000

Above $400,000

ACTIVE

217

109

50

18

PENDING

81

29

20

10

SOLD

122

43

15

9

By looking at the chart it is clear that the downward pressure in the market has created much more activity “Under $200K”. Without question, the foreclosures and short sales have pushed many homes below $200,000. In fact, more homes are active, pending and sold under $200,000 than all the other price categories combined. There are also a much higher percentage of pending homes under contract right now in the “Under $200K” in relation to the other categories.

Several of my monthly updates have shown a significant drop in average price from 2010 to 2011. This shows that trend is continuing and that Dacula prices are still drifting downward just a bit. For those that have a home listed under $300,000, there is a lot of competition with a limited number of buyers. For those that have a house for sale above $400,000 there is good news and bad news. The good news is there are only 18 homes in Dacula to compete against.  The bad news is only 19 have gone under contract or sold in 2011. This means that the high-end seller might have to get more aggressive in order to get an offer. Make sure you and your realtor have revisited the sales number and that you are priced to win.