Greater Metro Atlanta Real Estate Update
We are providing this monthly real estate advisor report to keep you informed about the latest trends and issues in the real estate market. If you know someone else who might be interested in receiving this report or who may benefit from our expertise, please let us know. Better information helps our clients make better real estate decisions!
- Once again, BHHS Georgia Properties was Number 1 in both homes sold and buyers represented for 2013. That makes 5 years in a row.
- For the Greater Metro Atlanta area, listed inventory was up 11% compared to 2012 levels and down 34% from 2011. The limited availability of quality properties has turned some local areas into a seller’s market.
- The available “months of supply” was 4.6 months based upon closed sales (6 months is considered normal). This is down 9% from last month.
- Closings for Metro Atlanta in November were down 2.5% compared to last month and down 6.9% compared to the previous year.
- Closings under $100,000 were down 24.6% from last December. The exit of large investors has allowed the price 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 December we only saw 333 foreclosures and 439 bank-owned sales. Resales and New Homes are the larger mix of sales.
- New Homes are making a slow but sure comeback. 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 37% from the bottom of March 2012. But values remain down 16.67% from the peak of July 2007. Click here for the latest report.
- The trend for mortgage rates is higher. The Mortgage Bankers Association and Freddie Mac predict 30-year mortgage rates to be over 5% in 2014. This could significantly reduce buying power for those that wait.
- Baby Boomers are the leading buyer segment followed by First Time Buyers. Move-Up Buyers are showing some signs of improved activity but remain well below historical levels.
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.
Lake Sidney Lanier Homes is the most comprehensive online source for information on Lake Lanier homes for sale and Lake Lanier area real estate. View the latest Lake Lanier home listings, foreclosures, lots, land, sales trends and real estate topics on Lake Lanier. Arthur Prescott is an Accredited Buyer's Representative and Certified Residential Specialist with over a decade of Lake Lanier real estate experience. If you would like to schedule a free buyer or seller consultation, please feel free to contact us directly at 678-513-2014 or email us at Arthur.Prescott@BHHSGeorgia.com.
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