As you can see, there has been a drastic increase in property tax revenue over the last 5 years. In fact, that revenue stream has far out paced the other areas of revenue as demonstrated in the graph. This graph shows the real story of our local tax increase which has been $20,000,000 of increased revenue over 5 years
Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.
This area of the market has performed very well as I noted above. May and June were ahead of 2019 by 30% in pending home sales, and overall values appreciated by an average of 4% from 2019. Most of this gain was seen in homes under $600,000. In some cases, properties over $700,000 have seen a small drop in listing price, but those reduced prices are still in line with values from 2019. We have seen a pent-up demand drive a lot of this activity. Home buyers came out of the gates strong in May and so far the activity remains strong.
The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open … Read More
As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and demand will give us the clearest idea of what’s to come. Making our way through the month of … Read More
| ALL EYES ARE ON THE AMERICAN ECONOMY. AS IT GOES, SO DOES THE WORLD ECONOMY. WITH STATES BEGINNING TO REOPEN, THE QUESTION BECOMES: WHICH SECTORS OF THE ECONOMY WILL DRIVE ITS RECOVERY? THERE SEEMS TO BE A GROWING CONSENSUS THAT THE HOUSING MARKET IS POSITIONED TO BE THAT DRIVING FORCE, THE TAILWIND THAT IS … Read More
I have been thinking about this for over a year now, and I think may have written a post about it last year. I gave some thought to putting it off given the current climate and fear around the corona virus. However, I kind of think that maybe we could use another more normal subject … Read More
Thankfully, it is not raining today in Athens. I truly believe that the rainy weather has slowed the spring market here in town. In recent years, the real estate market would usually heat up in January, but this year I feel like we were a little late getting underway. I know a lot of realtors … Read More
The first month of 2020 is behind us and at this point the real estate market looks very similar to last January. The amount of sold homes in Clarke and Oconee county is almost even when compared to January of 2019. We feel the true numbers are above Jan 2019, because we have seen more and more properties sell off market, and these off market sales don’t always make it into the MLS
The real estate market has been strong over the last several years especially here in Athens. We have seen the supply and demand graph tilt way towards demand and home values appreciate quickly. This has been great for homeowners but stressful for buyers. And like I have said many times, “Trees Don’t Grow to the … Read More