- For the Greater Metro Atlanta area, listed inventory is up 22% from the lowest point in February 2013. But inventory remains down 13% compared to 2012 levels and down 45% from 2011. The limited availability of quality properties with reasonable value has turned many local areas into a seller’s market.
- The available “months of supply” is 3.5 months based upon closed sales (6 months is considered normal).
- There is a feeding frenzy for desirable properties where multiple offers are becoming the norm. Buyer demand is very strong and pendings are running ahead of last year. But actual closed transactions are down 1.5% year-to-date when compared to 2012. That means the fallout rates are higher than normal.
- The big change last month was that sales under $100,000 dropped dramatically. Two years ago, over 50% of properties sold were in this price range. That percentage dropped to 15% which is back to more normal levels.
- The pace of short sales and foreclosures coming on the market has slowed considerably. In 2010, over 60% of sales were distressed properties but that is now down to 35%. Resales are the larger mix of sales.
- New Homes are making a slow but sure comeback. New home closings are up 55%. There are some wonderful new home communities coming online with the latest innovations in smart building that may be great options for buyers. Click here to view new home communities.
- The Case-Shiller Index reports that Metro Atlanta home values have increased 21% in the last 12 months. But values remain down 22% from the peak of July 2007. Click here for the latest Case-Shiller report.
- Appraisals can be a problem. In areas where prices are rising, the appraiser may not be considering the latest comps or may not be able to use some comps that were done as private transactions. We can help provide information to the appraiser in the right formats that give you the best chance to get the highest value.
- Click Here for a detailed set of slides that show the National Market, the Metro Atlanta Market, The New Homes Market and how our company is performing. There is a reason we are ranked #1 in Metro Atlanta.
This is an unprecedented opportunity to buy the home of your dreams while prices and financing are historically low. But these conditions will not last as the real estate market continues to recover. Check out www.PetersenPartners.com for more information on the metro housing market and available properties.