I feel like I was just writing November’s housing market update and suddenly here we are in January! As expected the housing market in December for homes in Locust Grove slowed due to the holiday season. Let’s take a look at what the market and see what it it telling us.
Homes in Locust Grove for Sale
The number of active homes in Locust Grove for sale decreased from sixty four in November to fifty one in December. This can be attributed to the number of homes that have gone under contract in November in addition to inventory not being replaced in December as some potential sellers did not want to list during the holiday season. The number of homes in Locust Grove under contract and sold in December remained similar to November. There were twenty three homes under contract in November and twenty two in December. In November nineteen homes sold while in December seventeen homes sold. These numbers show us that the number of buyers on the market is remaining steady.
Average Days on the Market for homes in Locust Grove
The days a home spends on the market are continuing to increase. Homes in Locust Grove for sale in December saw an increase of seventeen days on the market going from an average of seventy two days in November to eighty nine days in December. Likewise, homes under contract saw an increase of days on the market too. Homes in Locust Grove that sold in December (thirty one days) saw a slight decrease in the days on the market compared to November (thirty four days). It is not unusual to see an increase of days on the market in December due to the holidays. In addition to buyers not touring and making offers on homes during the holidays, the holidays can cause a slight increase in the number of days a home under contract takes to be sold since employees at banks, title companies, appraisal companies, and ect have time off too.
Average Price of Homes in Locust Grove
Homes in Locust Grove on the market during December saw the average list price decrease to $452,783 from $481,213 on November. This demonstrates that sellers who need to get their home sold are adjusting the price to reflect current market conditions. The average price of homes in Locust Grove under contract remained steady at $394,055. The average price of homes in sold in December was $398,390 which is an increase from November at $384,632.
What does this all mean?
I think that this information shows us that buyers are still out there searching for homes. Unlike last year where sellers were able to adopt a “like it or leave it” attitude towards home improvements or repairs, they are now having to take into consideration what buyers are searching for in homes in Locust Grove in order to get their homes under contract. Sometimes this might mean a price adjustment that reflects the current market value, it might mean making a repair in the home that they were not originally planning on completing, or offering some closing cost assistance. While this might make sellers feel like they are losing out, it is also important to remember that even with reductions, the value of homes is still up from previous years. If you are searching for some guidance about listing your own home, feel free to contact me. I would love to share some insight with you.
