We are providing this monthly real estate advisor to keep you informed about the latest trends and issues in the real estate market. Remember that real estate is local and every market is different. Contact us to find out the specific details for your local area. 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!
The Metro Atlanta real estate market remain active going into the holiday season. Here is the summary for Metro Atlanta real estate through October 2016. Click here for more detailed slides.
- Closings for October 2016 were down 14.4% from last month and up 2% from last October. Year-to-date 2016 closings were up 9.2% compared to YTD 2015.
- The average sales price for October was $270,000 - down 1% from last month and up 5.4% from last year. The ASP is on track to beat the record levels posted back in 2006.
- The listed inventory for October was up 1.9% from last month and down 3.4% from last year. But the limited availability of desirable properties is still driving multiple offers and very quick sales in select areas.
- Overall months of supply for October was 4.1 months. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 17 months and properties over $2 million jumping to an average of 55 months to close.
- The latest Case-Shiller Index (10/25/16) was up .23% from the previous month. Metro Atlanta home values are up 60% from the recent bottom of March 2012 and up 6% from the average index last year. Increased homes values are building positive equity and getting some sellers back into the market.
- Visit HomeServices Lending at Georgia.HomeServicesLending.
com for the latest mortgage rates. Recent events have driven mortgage rates back down to historically low levels. This creates a great opportunity to buy before rates move back up! Ask about our new On Time Closing Guarantee program! - New Homes are moving fast – but many builders cannot build them fast enough for the demand. Visit www.newhomesdivisionga.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.
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 Berkshire Hathaway HomeServices Georgia Properties. He has 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 www.LakeSidneyLanierHomes.com or 678-513-2014 or email us at Arthur.Prescott@BHHSGeorgia.com.
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