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September 30-Day Market Update
October 10, 2018 | Jasmin Bradley
Welcome to October! Today, we’re giving you a monthly market update for the month of September in Richmond and Columbia County. Let’s start with Richmond County!
We had 397 active properties for the month of September
Out of those 397, we had 211 homes go pending and 108 properties actually closed.
So what does that say if we add together the 211 plus 108? That means that a total of 319 properties were actually either under contract or sold in the month of September. When you subtract that from the 397 that went active, that means that 78 homes carried over to the next month, to our current month. So if you have one of those 78 properties, remember what I always say: price, condition or marketing, are the three things that help sell your home. So, if your agent is doing all of the proper marketing then it is either that the price is too high or the condition of the property is not up to the standards of the current buyers in the market. Ultimately, it will be the price though. If you lower the price enough somebody will buy a home even if it has holes in the walls. The average lease price for the month of September was $155,200. So the selling price was actually $140,700. So, that changed a little bit from last month because when you take those numbers, the sold to lease price is 97.3%. So it actually went down a little bit so people that leased in the month of September got a little bit less money for their property than what they leased the property for. The price for a square foot for Richmond County was about $75. In comparison to last month’s $72-$73 average. So, it went up a little bit. Even though you sold it for a little less, you sold it for more money per square foot. Overall, Richmond County did great this month! For Columbia County:
We have 535 homes go active in Columbia County and that’s a lot of homes that went for sale last month.
Out of those 535 homes, we have 269 of those properties go pending and 152 properties actually closed.
So what does that mean? There were 421 properties that were either closed or pending last month and there were 114 homes that carried over to the next month for sale right now. So, if you are going to be putting your home on the market this month, then you are competing with those properties. You have to make sure that you price correctly, price it at competitive rate and your agent will help you do that so that your house is not one of the properties that is carried over to the following month. The average lease price in Columbia County is $282,000. The selling price for last month in Columbia County was $238,000. The lease to sell price was 98%. So, you are looking at a pretty strong market in Columbia County. If you lease your property, you can expect to get about 98% of the lease price. The price per square foot in Columbia County was about a $103 per square foot (that’s fantastic!). That’s a really good return on your investment. Keep in mind, the average days on the market as well.
In Columbia County, you are looking at about 96 days and that’s about three months.
In Richmond County, the average days in the market is about 128 days so that is really good.
It is good for you to know that if you lease your property in Columbia County and it’s been three months then you are not doing too bad if you are selling. It is just taking about three months for your property to actually sell. If you are in Richmond County, it’s taking about 128 days for your property to sell. If you are a buyer what does that mean? That means that if you are looking on Zillow or on your agent’s website, then it says that all these properties have been leased for about 130 days. Some people might look at that and think “Oh my gosh! They need to give the house away because it has been a 130 days in the market!” However, nothing is wrong with that property. It’s just taking that many days for the property to actually sell at the time in the market.
Be sure to check back with us next month for another market update!