Realtors: Numbers show growth
Interest rates remain low in the housing market and more people seem to have confidence in its stability. That, according to real estate agent Tripp Bass has contributed to an uptick in home sales this year in Covington County.
“This year’s buyers are spending a little more money and taking advantage of the current low interest rates,” Bass said. “It’s a good time to buy.”
Bass said the increase in sales is evident when you look at this year’s numbers.
“Compared to the same point in 2012, the total home sales dollar volume has increased by 17 percent in Covington County, from $19,071,864 to $22,231,574 in 2013,” Bass said. “The average price for residential homes has increased from $94,885 to $107,399. The median sold price is now $90,000 compared to $75,000 in 2012.”
Bass said those numbers are much healthier than those from past years.
“Home prices are still much lower than our local peak around 2007,” he added.
While home sales are up, Bass said there is also plenty of interest in rental homes in the Andalusia area.
“We do still handle some rental properties, and our demand grossly outweighs our supply,” Bass said, adding the need for rental property is often the result of new residents feeling out the community.
“Some people are new in the area and have to get a confidence level in their employment and get familiar with the area before they buy,” he said.
Bass said sales have slowed a bit over the last two months, but attributed the ease off buying to a normal drop off this time of year.
“The last probably six weeks the phone, Internet and traffic through the door has decreased, but it’s not summer anymore, and we’ve probably had some slow down because of the shutdown and what is going on nationally.”
Bass said, even with the fall lag, now is still a great time for perspective homeowners to get into the market.
“You know, several years ago the prices were too high. That’s not the case now, and people just have more confidence in the stability of the market, especially here locally.”