June 21st is the official first day of summer. The real estate market is already hot and sales activity is high. Click here for the Metro Atlanta Real Estate Report. Here is a summary:
- Closings for May were up 1.4% compared to last month and flat compared to last year.
- The average sales price jumped to $283,000 in May versus $269,000 in April. The average sales price for year-to-date 2015 was $259,000 which is up 47% from the bottom of 2011.
- Listed inventory was up 4.2% from last month and up 1.2% compared to last year. Inventory is up 42% from the recent bottom of February 2013. But the limited availability of highly desirable properties in select markets is still driving multiple offers and very quick sales in those areas. Remember, real estate is local and markets can be very different.
- Months of supply increased slightly to 3.7 months versus 3.6 months in April. Six months is considered normal. Luxury properties are taking longer to sell with homes above $1 million showing 16.5 months of supply and properties over $2 million showing 30 months of supply.
- The latest Case-Shiller Index (5/28/15) reports that Metro Atlanta home values are up 45% from the recent bottom of March 2012. Increasing homes values are getting some sellers back into the market but also decreasing affordability for some buyers.
- Mortgage rates remain very attractive but this will not last. Click here for the latest rates.
- New Homes are moving fast – but the problem is that many builders cannot build them fast enough. Visit www.NewHomesServicesGA.com to view new home communities.
- Commercial real estate is also making a comeback in Metro Atlanta. Our Commercial Real Estate Division specializes in these areas and would be happy to help you.
Remember that real estate is local and every market is different. Contact the Petersen Partners team to find out the specific details for your local area. Better information helps our clients make better real estate decisions!