The average sale price for the 49 transactions in February was $112,797, up more than $10,000 from the average sales price a year ago.
A telling figure in the monthly report from Floyd County Board of Realtors President Jason Free and the Georgia Multiple Listing Service is a dramatic reduction in the number of days a home stays on the market. In February, that was 135 days — about four and a half months. A year ago that number was 220, or just over seven months. It’s just the second time in the last 14 months that the days-on-market figure has been below 150.
February’s new listings totaled 122, and pending sales, homes that are under contract but have not yet closed, was 60. Both numbers are one less than February 2012.
“The most encouraging information relates to the supply of inventory. The number of active listings dropped from 812 (in February) last year to 686,” Free said. “We still have a 10-11 month supply of inventory, so we are still in a buyers market, but we are continuing to see that shift.”
Free said that when the inventory dips to a six-month supply, it will mark a shift to a seller’s market, which could trigger some new construction.