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I went to the North GA State Fair last weekend. That was the first time I'd been to a fair in I don't know how long. Forever it seems like. You'd be blown away what the price of funnel cakes, corn dogs, turkey legs and cotton candy is running these days. The best part was a Human Cannonball. Never seen that before. The 7:00 pm was so mesmerizing I had to go back and catch the 9:00 pm from the net where he lands. He said the cannon shoots him out at 70 mph. That's crazy! I could watch it over and over. I captured a couple short videos to share with you because I thought you'd get a kick out of it. Now onto a real estate update.
The National Association of REALTORS reported their August existing home sales data last week. The report showed that prices are up 7.7% from last August and after five months of rising inventory, the amount of active listings decreased 1.5% from July.
Nationally, we are down from the all-time high median home price of $413,000 recorded in June, but we normally see a seasonal drop this time of year during a normal year (which we haven't seen in a few years).
We will watch to see if prices continue the downward trend outside the seasonal normal.
The good news for prices are that inventory is leveling off, and a lot of the current inventory is overpriced for this new market.
So, the level of viable active listings is extremely low.
Sellers are however becoming more realistic little by little as the reality of this new market is setting in.
The market is as price sensitive as ever right now.
Pricing a listing just a few percent too high could mean the difference in a quick sale and getting stale sitting on the market.
Fortunately for us, we are weathering the storm much better and actually outperforming the rest of the country. People are surprised when I tell them about our market. Here's last weeks update for the month in case you missed it.
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