In some major cities across the US, they are beginning to see prices drop for real estate sales. Though it looks like pricing has balanced out over past year in the Columbia and Suwannee County areas. We began and ended the year with very similar median price points. July was the peak of the pricing at slightly over the $300,000 mark (see the graph below). However, the marketing times have sharply risen in the past few months. This is usually an indication that sellers are not willing to drop asking prices and are hold out for a close to full price offer. We have gotten so used to quick sale times, that it might become a burden to some home sellers. Flip side, that’s good news for home buyers, the market is beginning to shift from a sellers’ market to a buyers’ market (according to data from Altos on the graph below). This is not so good news for those interested in refinancing, since home values have not risen as quickly as in other parts of the country and the interest rates are still higher than early last year.
Bottom Line: The real estate market is holding on, at least for the moment. It is still a good time to buy or sell your home. I encourage you to listen to your real estate professionals for direction since things can change quickly. There’s been lots of talk about a recession coming but hopefully we will be able to hold our own in the Florida Gateway communities. The crash of 2008 was not very notable (according to our statistics) and it was only a small hiccup in our communities as compared to other areas of the country. So hopefully we can do it again.