Greater Metro Atlanta Real Estate Update

  • For the Greater Metro Atlanta area, listed inventory is up 27.7% from the lowest point in February 2013.  But inventory remains down .4% compared to 2012 levels and down 36.7% 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” was 4.7 months based upon closed sales (6 months is considered normal).  This is up 30% from last month.
  • Closings in September were down 20%.  All price points showed a drop with the $1 mil+ price range showing the greatest drop at over 40%.  Year-to-date closings were down 1% compared to the same period from 2012.
  • Closings under $100,000 are now 21% of all closings.  Two years ago, over 50% of properties sold were in the price range.  The exit of large investors has allowed the distribution of properties to return to normal.
  • The pace of short sales and foreclosures coming on the market has slowed considerably.  In 2010, over 60% of sales were distressed properties but in September we only saw 139 foreclosures and 189 bank-owned sales.  Resales and New Homes are the larger mix of sales.
  • New Homes are making a slow but sure comeback.  New home closings are up 55% from last quarter. 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 35% from the bottom of March 2012.  But values remain down 18.27% from the peak of July 2007.  Click here for the latest report.
  • 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. For your FREE market analysis, contact us at info@petersenpartners.com today!
Posted in RE News.

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