Berkshire Hathaway HomeServices
Georgia Properties
Real Estate Advisor – October 2017
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!
Hurricane Irma slowed closings in September but we are still on track to have a positive year for the Metro Atlanta real estate market. Below is the summary for Metro Atlanta through September 2017.
- Metro Atlanta real estate is the tale of three different markets. The entry-level market has strong demand and very low inventory. There are many multiple offers and values are rising faster than other segments. The middle market is showing normal signs of supply and demand. The luxury market remains a buyer’s market with buyers negotiating better pricing and terms.
- Hurricane Irma had a negative impact on September closings. Insurance companies temporarily stopped writing policies and many buyers required re-inspections which impacted closings.
- September pendings were down 15.2% from last month but up 4.7% from the prior year. September closings were down 18.6% from August and 6.9% from the prior year.
- Year-to-date pended sales units through September remain up 4% versus last year. Year-to-date closed units also remain up 4%. Year-to-date closed sales volume remains up 8.7%.
- The average sales price for September was $285,000 – down 2.4% from last month and up 5.2% from last year. 2017 is on track to be the highest average sales price on record.
- Listed inventory for September was down 1.5% from last month and down 6.3% from last year.
- Overall months of supply for September was 3.6 months. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 16.8 months and properties over $2 million averaging 35.3 months to close. These numbers indicate a seller’s market under $500,000 and a buyer’s market over $1 million.
- The latest Case-Shiller Index for Atlanta (9/26/17) was up .79% (statistically flat) compared to the previous month. Metro Atlanta home values are up 68% from the bottom of March 2012. Increased home values are building equity and getting sellers back into the market.
- Visit HomeServices Lending at Georgia.
HomeServicesLending.com for the latest mortgage rates. Ask about our Second Opinion program with $100 gift card for a free look. Over 84% of clients who tried the Second Opinion Program ended up closing their loan with HomeServices Lending.
Click here for a more detailed set of charts including the National Real Estate Market, Metro Atlanta Real Estate Market and Trends for Georgia Real Estate.
Our MEGA Open House Event is Sunday, October 15th from 2pm – 5pm. There will be hundreds of beautiful houses open across Metro Atlanta. We are having great success in attracting buyers for our MEGA Open Houses! Our monthly MEGA Open House Events are very different from the standard open houses held by other real estate companies. We invest in significant advertising on Zillow, Facebook, digital billboards and local promotions to attract more visitors. We are also the leader in listed properties so we have a lot of inventory to see! If you know anyone interested in listing their home, we would be honored to help.
The Second Opinion mortgage program from HomeServices Lending has been a huge success for our clients. Over 84% of consumers who have opted for the second look at their purchase mortgage or refinancing have decided to go with HomeServices Lending. The Second Opinion program offers a $100 gift card just to take a free look and see if HomeServices Lending offers a better program. HomeServices Lending has a 97% satisfaction rate and faster loan processing timeframes. If you or someone you know is interested in a purchase mortgage or refinancing, we would be happy to make an introduction to our Loan Officer from HomeServices Lending.
The Sunshine Kids Foundation provides exciting, positive group activities and trips for children with cancer to help them forget about their illnesses for a moment and do what kids are supposed to do . . . have a little fun and celebrate life! The Sunshine Kids Auction including a Live and Silent auction will be held onOctober 20th at the Metropolitan Club in Alpharetta. G.W. Bailey, the Executive Director of the Sunshine Kids and acclaimed TV/movie actor, will be there to help us. We also have our talented live auctioneers, Tad & Drex from B98.5 radio. The Registration and the Silent Auction will begin at 7pm and the live auction starts at9pm. This is truly an incredible event. The food is awesome, the atmosphere is high-energy and the bidders get some great deals. Most importantly, we have the opportunity to raise a significant amount of money for The Sunshine Kids. Tickets can be purchased at: https://sunshinekids.
We would like to wish you and your family a safe and Happy Halloween. Halloween falls on Tuesday night this year so we wanted to share a couple of ideas that you might use to get ready. For those that are a little more adventurous with your pumpkins, you may want to carve up some scary or funny pumpkins to decorate your home. We thought you might enjoy the options at ExtremePumpkins.com. Now you can have the coolest house on the street!
We would be honored to assist you or someone you know with their real estate needs. We are experts in the local market and have access to proprietary information sources that are not available to the public. Better information leads to better decisions!
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 770-844-8484 or email us at Arthur.Prescott@BHHSGeorgia.com.
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