State of the Douglasville Market

Let's dispense with all of the media hype and doom prophecies and get down to the real numbers. Many consumers fail to realize that real estate markets are local in nature and the bubbles popping around the nation have little to do with the Douglasville real estate market which never saw the ridiculous appreciations that other markets did. The many foreclosures coming onto the market have helped to swell the inventory but have more to do with poor lender judgement than any problem with real estate.

People are convinced that this is not a good time to sell a home due to what they have been told repeatedly, but what if I told you that home prices were actually UP 9.5% for 2007 YTD over 2006 in Douglas County? The median price of a home sold in 2006 in Douglas County was 168,000 versus the $176,000 of 2007 YTD.

Homes just aren't selling though, the media tells us. The facts are that in Douglas County there were 3,384 single family residence homes sold in 2006. There have been 2,265 sold in 2007 as of 9/25 with three months left, and for 9.5% higher prices than in 2006. The sales for 2007 will probably not catch up to 2006 but as you can see there are plenty of homes selling. Part of the decrease could possibly even be attributed partially to the media themselves.

Lender difficulties continue to the be biggest problem that we face in today's Douglasville real estate market and buyers that are interested are finding it harder to qualify. The home inventory continues to stay at all-time highs as the chart shows, notice the spikes at EOY 2006 and quarterly, evidence of the foreclosure impact. Inventory will probably stay high until buyers decide to do something or media outlets find a new horse to beat. Then if the finance sector could stabilize we could all get back to life out of the limelight.

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