Columbia County: Home Prices Rising!
Average rises from $120,000 to $152,900!
Home prices are up sharply compared to this time last year, according to a monthly report from the Lake City Board of Realtors. The report, which covers single-family homes in Columbia County, compares April’s real estate transactions to those of April 2014. “There has been a significant increase in closed sales of higher-priced homes lately,” said Dan Gherna of LCBR.
Most of the sales that closed in April were for homes in the $150,000- $199,000 range, the report said. The median sale price of homes for this month was $152,900, compared to $120,000 for this time last year. In addition, the majority of homes that closed in April were traditional sales, rather than foreclosures or short sales. Gherna said that typically, people have been buying foreclosed houses and short sales thinking they will get a better deal. “People are now beginning to transition to a traditional sale, which is a good sign for sellers,” he said.
Total closed sales were down slightly, from 44 in 2014 to 41 this April, the report said. However, agents were able to close a total of 61 sales the previous month. “March was a better month than April,” Gherna said. “But we’re still on target for a very good year.” New pending sales were up by 29.5 percent compared to last year, the report said, and new listings were up by 27.6 percent. The supply of homes on the market as of April was 9.8 months, which is how long it would take to deplete the current inventory given sales trends. Gherna said anything higher than 5.5 months’ supply is considered a buyer’s market.
Source: Lake City Reporter