Realtor: Albany area sees first seller's market since 2008

Realtor: Albany area sees first seller's market since 2008
A local Realtor said the Albany area housing market is seeing its first seller's market since 2008 (Source: WALB)
According to the National Association of Realtors, existing U.S. home sales went up 3% last month compared to December and January (Source: WALB)
According to the National Association of Realtors, existing U.S. home sales went up 3% last month compared to December and January (Source: WALB)

ALBANY, GA (WALB) - Existing home sales in the U.S. increased last month, according to The National Association of Realtors.

That's good news, after they declined in December and January.

According to a recent report by The National Association of Realtors, many Americans are still looking to buy homes, even though the number of houses available has decreased.

One Albany real estate agent said our area is seeing the same trend.

Christy Wingate of Coldwell Banker, Walden and Kirkland said the firm has seen a decrease in the number of available homes, compared to last year.

"In January of last year, we had approximately 900 homes on the market. This February, our inventory was down to 545," said Wingate.

Wingate said since 2008, this is the first time the Albany region has seen a seller's market.

The National Association of Realtors said 46% of U.S. homes sold in February stayed on the market for less than 30 days.

Wingate has some advice for people looking to buy homes in our region.

"A buyer finds a home on the market that they like, they should move pretty quickly to get in there. Because our days on the market has decreased and we're seeing more homes pending during the month of March than we saw being listed," said Wingate.

In the U.S., the median sale price for a home already built was $241,700, according to the National Association of Realtors.

This is up nearly 6% compared to the same time last year.

Wingate said new construction of homes is up as well.

"We're seeing more homes that are being built, so our new construction is up both in Dougherty County and Lee County so that is definitely a positive for our economy," said Wingate.

Wingate said dollar for dollar, the market is still strong in our region.

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