Wednesday, January 30, 2013

Appraising in Hardin County

As I've appraised properties in the Hardin County area over the past year, I noticed the amount of inventory slowly start to drop.  But here recently I've seen isolated areas that are back up over 12 months of inventory, and some areas are as high as 32 months!

Local property values favor low inventory, which is a simple demonstration of supply and demand.  However, when the supply of homes in the Hardin County area start creeping over 12-16 months, I start to notice more depreciation and a higher amount of homes that are over-priced.

Here is a market condition report for the Elizabethtown area for the past year.  This report demonstrates the relationship of supply and demand compared to property values.  Check out the trend of both the inventory and median sale price rows; as inventory goes up, price goes down.

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