[idx-listing mlsnumber=”5029687″ showschools=”true” showextradetails=”true” showfeatures=”true” showlocation=”true”]
This home in the popular Brookwood Hills neighborhood went under contract in less than two weeks.
[idx-listing mlsnumber=”4325759″ showschools=”true” showfeatures=”true” showlocation=”true”]
Atlanta Business Chronicle recently published the article below on the state of the Atlanta real estate market provided by David Boehmig, the President and Founder of Atlanta Fine Homes Sotheby’s International Realty.
Here are some facts: Across all price points in the six-county metropolitan area (defined as Fulton, Cobb, DeKalb, Gwinnett, Cherokee and Forsyth counties) through the first 10 months of this year, as compared to the first 10 months of 2010, the inventory of available homes (single-family residences and condominiums) for sale in the city’s largest MLS, First MLS, is down by 23.7 percent. Falling inventory is one of the components that make up a value environment of increasing prices as less housing inventory on the market means there is more competition for homes. Over the past year, the number of months of inventory of available homes for sale, determined by the number of homes that sell during the period, has dropped from an 11- to 12-month supply, to seven or eight months. In other words, based on the current level of sales activity, it would take seven to eight months to absorb all of the homes currently on the market. As the month’s supply of homes on the market approaches six months, we will then begin to shift from the buyer’s market that we are currently in to more of a balanced market between buyers and sellers. Another component indicative of recovery is the number of homes being sold. So far this year, over 4,400 more homes have sold and closed than in the same period last year. If these trends continue, basic economics teaches that the laws of supply and demand will kick in, and prices will begin to rise.
What is more interesting, however, is what is happening in our market below the surface of these “overall” statistics. When I drill down and examine the market by price ranges, a pattern begins to emerge. The pattern is that, in general, across the metro Atlanta area, the higher the price range of house, the stronger the signal of recovery emerges. For example, as compared to the recent overall value reports, when you look at only those homes priced over $250,000, instead of values dropping by the overall 9 percent, the average prices actually rose over the last 10 months by 2.5 percent. That’s quite a swing. In reality, for many homes in our market area, the average sales prices are steadily increasing. Just as it is difficult to base local housing values on national statistics, it is not accurate to use overall market statistics for Atlanta to determine what is happening with values in a particular community.
So, what does all this mean? One, if you cull out the lower-priced houses in our Atlanta housing market, you come up with not only lower inventory levels and higher numbers of homes sold, but also modest increases in average sales prices. Secondly, and most importantly, a few months from now when buyers feel that sinking feeling in the pit of their stomach and look in the rearview mirror, they just might realize they missed one of the best opportunities to buy residential real estate they may ever have.
Click here to see the article from the Atlanta Business Chronicle.
I love this time of year, for all the obvious reasons, but also to reflect on the last 11 months. As we get closer to wrapping up another year, I like to think back to January when I was contemplating my plans for the year and what I hoped to accomplish, change, explore, etc. I’m not really a New Years Resolution, write it down, set goals kind of person, but I do like to have a focus or direction I try to be mindful of as the year unfolds. Did it turn out the way I planned or envisioned? I’ll dig in deeper to this answer as 2011 comes to a close, but I’m already starting to reflect and look forward to next year.
This market update from the President of our company is very positive for the state of the Atlanta Real Estate market. The decreased inventory and increased sales is encouraging from the basic economic fundamental of supply and demand. The heavily dominated Buyer’s Market we’ve seen over the last 3-4 years should begin to shift so the buyer’s expectations on sales price are more in-line with the seller’s idea of their home’s value. View the video with more insight from David Boehmig:
Contact Dede DeYonker at 404-626-1874 for more information or statistics for a specific neighborhood or price point.
This beautifully constructed bank owned home in East Cobb’s desirable Heathermoor neighborhood had all the exquisite details of a custom home at bank owned pricing. The masterful design offered an open floor plan with two-story foyer and great room highlighted by custom detail and trim.
Located in the highly sought-after East Cobb schools: Timber Ridge Elementary, Dodgen Middle School, Walton High School.
Contact Dede DeYonker at 404-626-1874 for more details on this home or other great values in East Cobb.