Despite negative coverage of the real estate industry, the market in the Warner Robins area has shown steady growth in 2012 and looks to increase gains made during the past 12 months.
A total of 2,273 properties sold in the Central GA MLS last year and sales of single family homes were up almost 10% from 2011. Sales of land and residential lots rose a whopping 67% in 2012. The biggest increases took place in south Houston County, where affordable homes, vacant lots and the new Veterans High School, attracted buyers throughout the region.
Spurring the growth were builders and developers who took advantage of cheap lot prices and started building new homes. In Houston County, GA, single family dwelling permits rose 9% from 2011, with the biggest gains in Perry, Kathleen and Bonaire. In addition, new homes starts are expected to increase again in 2013.
The huge increase in sales of land and residential lots, shows that builders and developers are confident about the local market and ready to increase production.
However, there are reasons for concern in the Warner Robins and Houston County area. For example, overall sales are still down drastically from the peak in 2005 and 2006 and only 44% of listed properties sold last year. While that is up from 2011, it is drastically lower that the sale rates in 2005 through 2007, during which almost 100% of homes listed eventually sold.
Another concern is that although sales are increasing, average home prices are decreasing. The average sales price of a residential property was $139,000 in 2011 and dropped to $125,000 in 2012.
Warner Robins REALTORS are hopeful that a decrease in competition from bank-owned homes will allow property values to make gains in 2013.
Looking at the stats for the past 5 years it looks like the market bottomed out in 2011, made slight gains in 2012 and is looking to have steady growth throughout 2013.
It is still a buyers market and a combination of affordable homes, huge inventory, and record low interest rates, make 2013 a great time to buy real estate.
To view all homes for sale in Warner Robins and the surrounding area, please visit Warner Robins Real Estate Search.