Saline County still needs more homes!!
Home supply in Saline County is still down, but if the National housing trends are any indication we are about to see things change.
Nationwide, overall housing supply dropped 11% last month, but according to the Census Bureau’s latest construction numbers, builders are finally stepping in to help.
Data for December was revised up to show homebuilding rising to a pace of 1.626 million units, the highest level since December 2006, instead of surging to a rate of 1.608 million units as previously reported.
Today’s New Residential Construction Report shows that single-family building permits were up 6.4% in January and 20.2% over the year.
This could be the Silver Lining that we are all looking for. Even though builders broke ground in January with a vigor, these homes could not be completed or on the market for 6 months or so. This means that the housing shortage won’t end, but it could be “less bad”.
The problem with Saline County is the price of land. As lot costs escalate, builders have to build larger and more expensive homes to justify the cost of the lot. This pushes first time homeowners out of the New Construction market.
A normal market’s inventory sits at 6 months. We’re currently at 3.7 months and that number could drop lower. Currently in Saline County-
- 335 Homes for sale / 81 are New Construction
- Average Days on Market is 70
- Average price is $280,052 / Median price is $234,500
What does this mean? It means that there aren’t enough homes to keep up with the demand of buyers. This is, in big part, due to millennials finally wanting to become first-time homebuyers.
There’s also been a shift in when people are buying homes. The myth that the spring market is the best seller’s market is busted.
For the past five years, buyers have been coming out earlier and earlier because of increased demand. Essentially, there is no such thing as a “buyer’s season” anymore, and those who think so could face a longer and more complicated selling process.
With a currently low amount of homes coming to market, anyone thinking of listing is in a prime situation to sell. Most markets in the country are seeing record lows for days on the market, with many of the homes getting multiple bids and more than asking price. Contact me and my team for an assessment of your current situation and advice on how you should move forward.
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-Doug Robinson/Baxley-Penfield-Moudy Realtors
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www.SalineCounty.RealEstate
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