Click here for a detailed market report for the Greater Metro Atlanta area. BHHS Georgia Properties was Number 1 in both homes sold and buyers represented. We have been ranked #1 for 5 years in a row!
Closings for Metro Atlanta in June were up 7.8% compared to last month and down 3.8% compared to the previous year.
The Metro Atlanta market is currently running 2.02% behind 2013 in closed transactions and 9.6% ahead in sales volume.
It seems surprising to most that the market is down in units sales compared to last year. But there is more to that story…
Last year, we had a significant number of closings from large investors buying single family properties to put into their rental programs. This year those large investors have slowed their purchases considerably.
Equity Depot recently announced that “notices of default” for foreclosures had shrunk to a 12 year low in Metro Atlanta.
The combination of fewer investor deals and fewer foreclosures reflect drastically smaller numbers in the $100,000 and below segment of the market. Remember, those were unusual patterns. If you factor out those transactions, the market is up 8.8% versus last year in units.
The largest buying segment for Metro Atlanta is Baby Boomers/ Gen X. Thousands of these homeowners are moving to smarter living environments with less maintenance and others are moving toward homes that accommodate their health and lifestyles and they move into their senior years. First Time Buyers have slowed due to increasing prices, student loan debt and challenges with employment.
Listed inventory was up 6% from last month and up 25.8% compared to last year. Inventory is up 48% from the recent bottom on February 2013. But the limited availability of highly desirable properties in select markets is still driving multiple offers and very quick sales. Other areas have more normal conditions. Remember, real estate is local and markets are different.
The overall “months of supply” is 4.3 months versus 4.2 last month. Six months is considered a normal market.
But you can see that the numbers are very different depending on the price point and area. Contact us at firstname.lastname@example.org to learn more about your specific area.