Smyrna Vinings home sales bounced back in June, hitting new highs. Part of what we’ve seen in today’s market is the resurgence of new construction. Over 20% of all home sales are new construction as builders have become much more excited about the market in the past couple years. And without carrying much inventory, the build cycle can impact the monthly sales figures.
Pending home sales continue to grow, which is largely driven by new construction homes that must complete construction before we can count them as a sale. Speaking of new construction homes, here are the newest Smyrna Vinings homes on the market.
The Active Listings chart depicts Smyrna Vinings homes currently for sale. As a general rule, we’ve seen inventory increase in the April to June range and then see the amount of Smyrna Vinings homes for sale reduce towards the end of the year. So while there was a pretty large increase in active homes listed at the end of June, it’s not that concerning since homes are still selling quickly.
Sellers are starting to understand that now is a great time to sell and take advantage of the current market. As sales are improving, we’re also seeing prices increasing as well. If you’ve thought about selling and just aren’t sure, be sure to contact us or find out how much your home is worth. Less competition is a good thing if you’re ready to sell.
One other important statistic that we like to track is the overall health of the Smyrna Vinings home market. Months of inventory is a calculation that takes the current amount of homes for sale and divides that by the number of homes that have sold in the last 12 months. What the result means is if no more homes were listed, how many months would it take, based upon the past 12 months activity, to sell all the homes currently for sale.
A result of 6 months is considered a healthy market, less than 6 months a seller’s market and more than 6 months, a buyer’s market. What we can see from the chart above is that we are in a very tight housing market, which generally predicts higher prices to come.
In June, inventory levels picked up slightly, but expect to see that disappear quickly and months of inventory remain low for the entire year. As prices have increased this year, we have seen a big pickup in new construction and an increase in resale activity as more home owners can afford to sell, but there are clearly more buyers than sellers right now. We are a seller’s market based on current inventory levels of 3.5 months of inventory versus a balanced market of 6 months of inventory. What this means as you will continue to see prices rise from here as demand outpaces supply.
That is your Smyrna Vinings homes sales activity recap for June 2016. Hope that was helpful and don’t hesitate to contact us if we can help you sell your Smyrna Vinings home or find your new Smyrna Vinings home.