The national statistics for residential home sales were announced for April 2011 yesterday by the National Association of Realtors. The sales of existing homes, including single-family, townhomes and condos, dropped “0.8 percent in April to a seasonally adjusted annual rate of 5.05 million units.” This number of down over 12% from 5.80 million in April 2010, however March-April 2010 saw huge increased due to the substantial home buyer tax credit. According to experts, 6 million unit sales represent a healthy market.
Locally, Hall County and Gainesville are not far off these statistics. According to Norton Intelligence, in March 2011, 115 homes were sold throughout the county, including Gainesville city proper, north, east, south and west districts. Compared to March 2010, sales fell 11% from 129 units throughout the county. Home prices also fell in all 5 areas, anywhere from 1% in the north district of Hall County to 40% in Gainesville city. There is one good piece of news, however, with permits for hew home construction throughout the county rising from 16% from 14 in March 2010 to 19 in March 2011.
These statistics may seem pretty daunting for families who have outgrown the needs or the space that their current house provides. I have spoken with numerous homeowners throughout Hall County with their homes on the market who echo the sentiment that they either can’t get a high enough offer, or they can’t get any offers, period. What I always tell these homeowners is that they may be better off by putting their time and financial resources into remodeling their home to suit their current needs than trying to sell in a market such as the one we are currently experiencing. Just because you’re home won’t sell, doesn’t mean you need to settle for an un-ideal home situation. If you are in this position, take a look at a recent blog post of mine discussing the merits of selling vs. remodeling. You may find yourself much better off staying put!