Paulding Real Estate, A Year in Review

As was presented in last week’s article, one of the key pieces of information we will provide is local sales statistics and the overall state of the market. This week, we’re presenting an overview of the past year in Paulding County real estate, with a look ahead and our thoughts on 2012.

You might be hearing that the economy is slowly coming back to life. Some indicators of this are state unemployment figures taking a dip from their all-time highs. And one only needed to visit their favorite department store during the very busy holiday season to know that retail activity had increased. The cause of the economy showing signs of improvement reminded the iDeal REP team of the old adage, “As real estate goes, so goes the economy,” and that does appear to hold true at the moment.

At the beginning of 2011, there was a surplus of inventory in Paulding County. First Multiple Listing Service reports indicated approximately eight months of inventory in January 2011, and in December, the estimated inventory was 4.19 months. That’s a significant drop, indicating buyers were taking full advantage of the historically low prices, interest rates and lending costs. iDeal REP has firsthand knowledge of this as we began to see the changes in the local market while showing property to our clients. The available inventory degraded in overall condition and quantity as the year progressed.

As for Paulding sales in 2011, FMLS reported that a total of 1,524 single family, detached properties were sold. As indicated in the attached graphic, the average sales price was $93,443, and the average time on the market was 61 days. Again, that is consistent with what was witnessed on the ground.

What does this mean for you? We believe with the absence of inventory on the market, the traditional buyer’s market will continue to erode, and a seller’s market will begin to emerge. As of this writing, FMLS reports show 752 active listings in Paulding County, with a median list price of $114,900. That’s an increase of 67 percent over the previous year’s total median list price.

Will this data hold? With the most contentious presidential election cycle in recent memory dominating the American psyche, we can only speculate what the year will hold. What does the data really mean to the residents of Paulding County? We believe that while it remains a great time to buy, it’s going to be a great time to sell in 2012. Non-distressed property listings will most likely dominate the first quarter of 2012. Sellers should finally see some reprieve in dropping values. As the buyers of 2011 begin to settle into their new homes, neighborhoods will begin to revitalize and values will ultimately follow.

Are we 100 percent back to “normal”? Not by a long shot. Are we headed in the right direction? Today we are. As long as the current economic climate continues to improve, we will see the results in our own neighborhoods.

Our wish for you is a happy, healthy and productive 2012 filled with financial and personal wealth.

Don’t forget our feature “Ask the Broker.” Once a month we will answer your questions. This is your chance to get our take on the real estate issues most important to you. Email your questions to info@idealrealestateprofessionals.com.  

iDeal Real Estate Professionals LLC is owned and operated by Brandon Bramlett and C. Mark Willix and is affiliated with Maximum One Realty Greater Atlanta. For personalized service, visit us at www.idealrealestateprofessionals.com. You can also email us at info@idealrealestateprofessionals.com.

Source: First Multiple Listing Service.

The accuracy of all information including sources is deemed reliable, but not guaranteed.