Cumming buyers negotiated below list more often in October

CUMMING, Ga. Sellers in Cumming gave ground at the closing table in October. 73.6% of 159 sales closed under the final asking price, above the 12-month share of 61.5%.

The October median sale price was $585,000, down 2.5% from a year earlier.

A price cut came before 50.9% of sales, and the median sale came in at 97.2% of the final list price.

Homes that sold in October spent a median 41 days on the market, slower than the 12-month median of 32 days.

Sellers listed 337 homes in October, up 88.3% from 179 a year earlier, while buyers signed 143 contracts, down 23.5% from 187.

Across the trailing 12 months, 2,460 closings produced a median price of $598,950, down 2.6% from $615,000 in the prior 12 months.

With 1,053 active listings as of 1:20 p.m. ET Nov. 14, Cumming had 6.6 months of supply at October's closing pace, which our published bands read as a buyer's market. On the 12-month sales pace the figure is 5.1 months, which falls in the balanced (4 to 6 months) band.

Countywide, Forsyth County closed 206 sales at a $590,000 median, down 1.7% from a year earlier.