Spring is right around the corner and that’s always an exciting time of year. We are just a couple weeks away from starting the green-up here in East Central Alabama, and boy am I ready for it. All of the recent rain has recharged our water reserves, and I’m looking forward to a great year in my garden and a great year growing grass for our cattle and hay. The cattle market is at record highs, and that is showing in the market for good pasture and hay land. If you know of any that is for sale, let me know about it. I probably have someone looking, or can help them find someone who does.
The pace of the market continues to get better, which is good news for price stability. Coming out of a time of year that is generally slow, and on into spring, that’s great news! At AlaLandCo, we steadily have 30+ properties under contract at any given time. I personally have been maintaining 6-11 properties under contract for several months now. (No, not the same properties for those of you who were thinking that!) Properties are going under contract and going to closing. I would imagine that the average contract to closing time has decreased from 60+ days to 45 or so days now. This is also a sign of a strengthening market. The days on market stats are showing a decrease as well. All good news for a market that has been slow for some time.
One observation I have is that the buyers in the market are laser-focused on investment. I have a few sales in the past few months that were recreational, or future homesite based, but as a whole, today’s buyers are investors, farmers, and businessmen who are getting into properties for the long-haul. This is also good news, because it will provide stability to the market as well. A decrease in inventory can only help. I see that on the horizon too.
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