2022 Mid-Year Real Estate Market Report

We are almost half way through 2022. As we discussed in previous newsletters, COVID greatly accelerated several demographic and market trends that were already beginning to take place: a shift to working at home as opposed to going to an office, people wanting to escape the city and all the associated problems, greater desire to live in warmer climates, and people choosing where they want to live based on lifestyle/amenities. All of these trends are still in place and have continued to lead buyers to our market in UNPRECEDENTED NUMBERS. As a result, inventory of available homes (supply) has continued to go down and the number of buyers (demand) has continued to go up. Consequently, there has been a dramatic increase in prices/home values. VERY EXCITING TIMES FOR HOME SELLERS! The lot market has also continued to be strong due to the declining housing inventory. On the building front, costs have been going up throughout the county and also in our market. Material costs have soared and there is a shortage of workers resulting in higher construction costs and longer building times. As you might expect, this has also made the cost and time to remodel go up as well. Current economic conditions that include rising interest rates and a more stagnant stock market, will no doubt have an effect on our market. However, we still feel the overall appeal of our market will more than offset any negative economic factors. 

As you can see from the statistics below, our market has continued to be “hot”. You can see that in some cases, the number of sales has actually gone down from last year reflecting the shortage of inventory, however, the average selling price has gone up dramatically reflecting a significant increase in property values. We often get asked if we think our market is “overpriced” and if we are at the “top”. While no one knows for sure, we do know if you smooth out our market valuation over the past 30 years, our current valuations are not significantly above the 3-4% historical appreciation line for real estate. In other words, our values are in line with historical real estate appreciation and do not indicate we are over-priced. This is especially apparent if you compare our prices to other resort areas in the southeast.

Bottom line = we still feel now is a great time for buyers and sellers alike in our market. If you are a seller – It is critical that you utilize someone who KNOWS the market and KNOWS HOW TO GET YOUR HOME SOLD for top dollar (LIKE US)! We have a proven track record in this market of selling more real estate than anyone for over a decade. If you are a buyer – with the shortage of inventory, it is critical you utilize an agent that will be pro-active, technology savvy, and notify you quickly of any market opportunities (LIKE US)!

Here is a snap-shot of the Mid year 2021 market comparison with last year:

 

Jan – May 2021Jan – May 2022
Homes Sold565494
Average Sold Price$595,131$719,202
Lake Homes Sold4651
Lake Lots Sold2515
Golf Community Homes Sold210141
Gold Community Lots Sold187152
Total Real Estate Sold$414,103,050$417,502,143

As always, please contact us with any questions or if we can help in any way. WE LOVE TO TALK REAL ESTATE! 

 

BEST WISHES AND BE SAFE 

KIM AND LIN LOGAN REAL ESTATE

Previous Market Updates from Kim and Lin Logan Real Estate