Prices Are Still Depressed - take a look:
Despite some good signs, downward pressure on sales prices are still troubling for Forsyth County home sellers. Comparing 2011 to 2010, average sales price is down 8% and median sales price is down 11%.
What are the good signs?
So far this year builders in Forsyth County have listed over 113 new construction homes. These are only the homes that were entered in the MLS, there are many more they have started that haven’t been entered into the MLS. It’s great news for the local economy and I’m glad to see jobs being created. But the additional inventory won’t help home owners trying to sell when there is even more inventory to compete with. On top of that some builders with too much inventory may run into credit line issues, you can read about that here.
Other good news includes unit sales increasing (16% for 2011 over 2010) and inventory decreasing, check out this inventory levels chart.
What’s It All Mean?
While we’re heading in the right direction with increasing sales and decreasing inventory I think new construction is a double-edged sword. Hurting re-sales but helping with jobs. I just hope they aren’t jumping the gun in Forsyth County.