Prudential Georgia Realty Real Estate Advisor
November 2013
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!
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.
Introducing…
BERKSHIRE HATHAWAY HomeServices
On December 10th, our company will be adopting the new Berkshire Hathaway HomeServices brand. We are excited to begin this new chapter for our company and this conversion will bring many advantages for our agents and their clients. This year, we also celebrate 50 years of serving the needs of our clients in the Greater Metro Atlanta area. During that time, we have operated as Crest Realty, Merrill Lynch Realty, Prudential Atlanta Realty and Prudential Georgia Realty. Though the name has changed, our commitment to deliver exceptional real estate services has not. In the last five years, our company has been consistently ranked as the #1 real estate company with more homes sold than any other brokerage. Now that our company is part of the Berkshire Hathaway family of companies, we thought it might be helpful to get to know more about our new organization.
According to the Forbes Global 2000 list, Berkshire Hathaway is the 8th largest public company in the world. The company is led by Chairman and CEO, Warren Buffett who is often referred to as “the Oracle of Omaha” for his keen insight on business matters.
The Berkshire Hathaway approach is to acquire companies with great brands, great products and strong leadership, then grow and build value over long periods of time.
Berkshire Hathaway owns and operates approximately 100 companies and employs approximately 300,000 people. Company holdings include major brands like GEICO, Fruit of the Loom, Dairy Queen, Benjamin Moore, Helzberg Diamonds, NetJets, Heinz, MidAmerican Energy and Shaw Industries which is located in Dalton, Georgia. Berkshire Hathaway has major stock positions in companies like Wells Fargo (8.7%), American Express (13.7%), IBM (6%) and Coca-Cola (8.9%). Berkshire Hathaway was named the No. 1 company in Barron’s annual ranking of the world’s 100 most respected companies.
Being part of such a large and successful organization gives us many advantages. For example, our listing clients will benefit from an unprecedented level of exposure. Look for more details and exciting news as we move closer to our big announcement on December 10th. We look forward to leveraging the Power of Berkshire Hathaway to deliver even more advantages for our clients and customers. Contact us to learn more.
Fall Backwards – Time To Change Your Clocks
Yes, it is that time of year again. Daylight Saving Time ends so we turn our clocks back one hour at 2am Sunday morning, November 3rd. This change puts us back on Standard Time. The good news is that everyone can get an extra hour of sleep!
History of Day Saving Time: People often ask - what is Daylight Saving Time and why do we have it? Daylight Saving Time (or summer time as it is called in many countries) is a way of getting more light out of the day by advancing clocks by one hour during the summer. During Daylight Saving Time, the sun appears to rise one hour later in the morning, when people are usually asleep anyway, and sets one hour later in the evening, seeming to stretch the day longer. The reason many countries implement DST is to make better use of the daylight in the evenings. Some believe that it could be linked to reducing the amount of road accidents and injuries. The extra hour of daylight in the evening is said to give children more social time with friends and family and can even boost the tourism industry because it increases the amount of outdoor activities. DST is also considered a means to save energy due to less artificial light needed during the evening hours. Benjamin Franklin first suggested Daylight Saving Time in 1784. The United States, Canada and some other countries extended DST in 2007. The new start date is the second Sunday in March (previously the first Sunday in April) through to the first Sunday in November (previously the last Sunday in October). If you would like to set your clock to the correct time, please click this link.
Happy Halloween! If You Know Someone Who Can Benefit From This Information Or Our Real Estate Expertise, We Would Love To Help Them.
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 APrescott@PrudentialGeorgia.com.
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