In 2012, 1 out of 4 East Cobb Homes Sell in Less than 14 Days

| December 29, 2012 | Reply

You Won’t Believe this East Cobb Real Estate Statistic

In preparation for my 2012 East Cobb Housing Survey to be released at the end of January,  I found a great piece of data for East Cobb sellers in the Walton, Pope, and Lassiter school zones.

In 2012 (through November), there were 137 homes that sold in less than 14 days on market over $300,000. With sales for the year (through November so far) totaling 575 homes, just under 1 in 4 East Cobb homeowners are selling in 2 weeks or less.  29% of those sellers fetch more than asking price. Once the house hits 15 to 31 days of total market time, the number of “over asking” sales drop to 9%.

In the school zones of Lassiter, Pope, and Walton, the number available homes for sale has decreased, leaving an inventory shortage of well maintained and updated houses.  This summer, East Cobb home inventory was down around 12%, while sales were up.  East Cobb has rapidly shifted to a sellers market thanks to an incredible 4th quarter in closings. Some neighborhoods are seeing 5 to 10% gains in value in just a few months. A recent client of mine purchased a home in the Lassiter district for $385,000 less than six months ago, and now a home of similar size has gone under contract over $400,000 and had 3 offers within one week.

As of the writing of this post, less than 5% of available homes are foreclosures. There also seems to be around 7 months of inventory, which usually indicates a market that leans slightly toward the buyer’s favor. My belief is that many of the homes eating days on market past six months or more tip the supply artificially toward the buyer. But the cream puff homes as they are called, if they’re priced correctly, you can count on multiple offers just about every time.

For more info about Terry Burger, please visit him on the web at:

www.TerryBurger.com

www.Zillow.com/profile/terry-burger

www.CobbCountyRealEstate.com

 

 

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Category: East Cobb Real Estate, Listing Your East Cobb Home

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