Unlike the national news about the real estate market, locally business is still booming! Developers are building houses as fast as they can find a piece of land to build on. The number of new subdivision starts continues to increase, as well as moving further out into both Lee and Russell counties in Alabama. The same is true on the other side of the Chattahoochee River, in Georgia.
The resale market is hot as well. For properties that are within their market values, those homes are selling anywhere from one week to less than two months of when they first come on the market.
Many homeowners continue to try cashing in (or out, as the case may be) in an appreciating market – even though their homes are not comparable to their higher-value cousins.
I’ve noted several homes that were placed on the market (listed) at over 35% above their actual market value. In each of those cases, the market spoke loud and clear…NO SALE!
Their asking prices were reduced monthly, until they either reached what the market was willing to pay, or they were withdrawn because the seller’s realized that: even though home prices are up, their homes are not necessarily in the same category as much higher-priced homes.
Here’s an example: typically a homeowner who wants to sell, knows that the market value for several homes in their area is in the $250 to $350,000 range. Since their home is within a stone’s throw of those properties, the logic is that their home should be worth just as much.
However, the sad news is that their home is not in the same category. Those properties selling at the higher price typically have all new or almost new appliances. They are newly constructed or only a few years old, compared to homes that are anywhere from 15 to 30+ years old. The style of the newer homes is more modern or contemporary with a better floor plan versus the older style homes. And the there’s usually no maintenance needed to minimal deferred maintenance. And those newer properties are likely in a new subdivision with limited-access streets.
Current Conditions Report
Local Alabama Properties (Barbour, Chambers, Lee, and Russell counties)
Total Number of Residential & Manufactured housing for sale: 786
Properties by Asking Price
$0 to $99,999 – 132 properties
$100,000 to $149,999 – 207 properties
$150,000 to $199,999 – 271 properties
$200,000 to $249999 – 65 properties
$250,000 to $299,999 – 53 properties
$300,000 to $349,999 – 18 properties
$350,000 to $399,999 – 17 properties
$400,000 to $499,999 – 11 properties
$500,000 and up – 12 properties
Property sizes (in square feet)
1 to 1000 sf – 107
1001 to 1500 sf – 254
1501 to 2000 sf – 291
2001 to 2500 sf – 76
2501 or more sf – 58
Number of Bedrooms (BD)
1 BD properties – 3
2 BD properties – 52
3 BD properties – 530
4 or more BD properties – 201
Properties, by age
# of properties that are New or Under Construction – 447
# ofproperties that are 1-5 yrs old – 65
# of properties that are 6-10 yrs old – 83
# of properties that are 11-15 yrs old – 39
# of properties that are 16-20 yrs old – 18
# of properties that are 21-25 yrs old – 11
# of properties that are 26-30 yrs old – 16
# of properties that are 31-35 yrs old – 14
# of properties that are 36-40 yrs old – 15
# of properties that are 41-45 yrs old – 8
# of properties that are 46-50 yrs old – 10
# of properties that are over 50 yrs old – 47
More Stats -
# of properties with a basement (finished or not) – 131
# of properties with a fireplace (regular or insert) – 407
# of properties with pool (above- or in-ground) – 31
# of properties with smoke detector – 432
# of properties with ceiling fan – 567
# of properties with a wood stove – 11
# of properties with a Dining Room – 263
# of properties with sewer (available & connected) – 297
# of properties with septic system – 347
# of properties on 1 acre or more – 161
# of properties with waterfront, water-view or water-access – 88
# of properties with No Garage or Carport – 271
# of properties with a 1-car attached garage – 11
# of properties with a 2-car attached garage – 345
# of properties with a 3-car attached garage – 4
# of properties with a 1-car detached garage – 4
# of properties with a 2-car detached garage – 9
# of properties with a 3-car detached garage – 2
# of properties with a 1-car attached carport – 38
# of properties with a 2-car attached carport – 85
# of properties with a 3-car attached carport – 0
# of properties with a 1-car detached carport – 6
# of properties with a 2-car detached carport – 12
# of properties with a 3-car detached carport – 3
Local Georgia Properties (Harris, Muscogee, Chattahoochee, Marion, Talbot, Stewart counties)
Properties by Asking Price
$0 to $99,999 – 319 properties
$100,000 to $149,999 – 247 properties
$150,000 to $199,999 – 358 properties
$200,000 to $249999 – 249 properties
$250,000 to $299,999 – 155 properties
$300,000 to $349,999 – 78 properties
$350,000 to $399,999 – 69 properties
$400,000 to $499,999 – 58 properties
$500,000 and up – 121 properties
Property sizes (in square feet)
1 to 999 sf – 83
1000 to 1499 sf – 409
1500 to 1999 sf – 438
2000 to 2999 sf – 511
3000 or more sf – 213
Number of Bedrooms (BD)
1 BD properties – 13
2 BD properties – 138
3 BD properties – 797
4 or more BD properties – 706
Properties, by age
# of properties that are New or Under Construction – 664
# ofproperties that are 1-6 yrs old – 213
# of properties that are 6-10 yrs old – 83
# of properties that are 7-14 yrs old – 135
# of properties that are 15-19 yrs old – 48
# of properties that are 20-29 yrs old – 88
# of properties that are 30 or more yrs old – 439
(Note: Because of the proximity of the AL & GA markets, and the ability to have property in one state listed on the other’s MLS (Multiple Listing Service), the stats have a very small number of overlapped properties. I try to limit this as much as possible, when gathering my info for my stats reports.)
That’s all for now. My plan is to update this every two weeks, since changes occur fairly often.
