Berkshire Hathaway HomeServices Georgia Properties Real Estate Advisor – August 2018

Berkshire Hathaway HomeServices
Georgia Properties
Real Estate Advisor – August 2018

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 leads to better real estate decisions!

 

Below is the summary for Greater Metro Atlanta through July 2018. Click here for a more comprehensive market report slide deck.

• The entry-level market has strong demand and very low inventory. Finding the right property is getting harder which is resulting in lower closings for this segment. The luxury market is a buyer’s market with buyers negotiating better pricing and terms.
• Mortgage Rates are rising slowly which will impact affordability. Metro Atlanta continues to be very affordable relative to other metro areas around the country.
• July Pending Contracts were down 1.5% from June and up 6% from the prior year. July Closings were down 8.9% from last month and up 1.8% from the prior year.
• Year-to-Date Pended Sales units were up 4.6% versus the prior year. Year-to-Date Closings were up 2.9% versus the prior year.
• The Average Sales Price for July was $321,000 – down 3.7% from last month and up 6.3% from last year. 2018 is on track to be the highest annual ASP on record.
• Inventory for July was up 4.1% from last month and down 4.8% from last year.
• Overall Months of Supply for July was 2.8 months. Six months is considered normal. Luxury properties took longer with homes above $1 million averaging 9 months and properties over $2 million averaging 35 months to close. The luxury market remains a buyer’s market in many areas.
• The Average List-to-Sale Price Ratio was 97% for all price points. Many properties in high-demand areas are selling above list.
• The latest Case-Shiller Index for Atlanta (7/31/18) was up 1% compared to the previous month. Metro Atlanta Home Values are up 76% from the bottom of March 2012. Increased home values are building equity and getting sellers back into the market.
• Visit Prosperity Home Mortgage to meet one of our Mortgage Consultants. Ask about the Prosperity Buyer Advantage and our 7-Day Close program.

 

The Greater Metro Atlanta area is home to thousands of elementary, middle and high schools. Safe Kids USA offers the following Top Back to School Safety Tips:

Reminders for Drivers:

• Slow down and be especially alert in residential neighborhoods and school zones.
• Watch for children on and near the road in the morning and after school hours.
• Reduce any distractions inside your car so you can concentrate on the road and your surroundings. Put down your phone and don’t talk or text while driving.

Reminders for Kids:

• Kids should cross the street with an adult until they are at least 10 years old.
• Never run out into the streets or cross in between parked cars.
• Make sure kids always walk in front of the bus where the driver can see them.

 

Our next MEGA Open House Events are Sunday, August 19th plus Sunday, September 9th and September 23rd from 2pm – 5pm. There will be hundreds of beautiful open houses available and one lucky sweepstakes winner will get a cool Amazon Alexa Prize Package.

MEGA Open House Events are a very effective component of our Advanced Property Marketing for our seller clients. We run extensive open house ads on Zillow plus Facebook, Instagram, Google and WAZE to generate interest from potential buyers.

If you know anyone interested in listing their home, contact us so we can get them scheduled for a MEGA Open House Event!

 

Labor Day is Monday September 3, 2018. Together, we will celebrate the contributions of workers across America. Labor Day has also become the symbolic end of the summer season - although summer officially ends on September 22. In high society, Labor Day is the last day of the year when it is fashionable to wear white or seersucker. 
There is some debate over who first proposed the celebration of Labor Day back in 1882. Some believe it was a gentleman named Matthew Maguire who was serving as the secretary of the Central Labor Union of New York. Others believe it was Peter McGuire of the American Federation of Labor who had seen a similar celebration in Canada. Regardless of which Maguire/ McGuire, we are all happy this popular federal holiday now exists.

Labor Day is also the unofficial start of football season! High school, college and NFL teams will be underway. May your favorite teams play well!

 

Berkshire Hathaway HomeServices Georgia Properties is bringing real estate to Alexa and Google Home. Just enable the “Atlanta Real Estate” skill to search properties, check home values and get the latest real estate market update. Enable your Atlanta Real Estate skill today and check it out! You never know – Alexa may help you find the home of your dreams!

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.