Below is the summary for Greater Metro Atlanta through October 2018. Click here for a more comprehensive market report slide deck.
- The entry-level market has strong demand and very low inventory. The luxury market remains a buyer’s market in most areas with buyers negotiating better pricing and terms.
- Mortgage Rates are rising slowly which is impacting affordability in the entry-level market. Metro Atlanta remains very affordable relative to other metro areas.
- October Pending Contracts were up 8.3% from September and up 2% from the prior year. Closings were down 6.5% from last month and down 3.6% from the prior year.
- Year-to-Date Pended Sales units were up 3.2% versus the prior year. Year-to-Date Closings were up 2.2% versus the prior year.
- The Average Sales Price for October was $307,000 – up 1.7% from last month and up 7% from last year. 2018 is on track to be the highest annual ASP on record.
- Inventory for October was down .3% (statistically flat) from last month and up 4.8% compared to last year.
- New Listings in October were up 11% versus last year and up 3.8% year-to-date.
- Overall Months of Supply for October was 3.6 months. Six months is considered normal. Luxury properties took longer with homes above $1 million averaging 13.2 months and properties over $2 million averaging over 32.1 months to close.
- The Average List-to-Sale Price Ratio was 96% for all price points. Many properties in high-demand areas are selling above list.
- The Case-Shiller Index for Atlanta (10/30/18) was up .30% compared to the previous month. Metro Atlanta Home Values are up 76% from the bottom of March 2012.
- Visit Prosperity Home Mortgage to meet one of our Mortgage Consultants. Ask about the Prosperity Buyer Advantage and our 7-Day Close program.
The chart below shows a summary of Metro Atlanta Home Values according to the Case-Shiller Index for Atlanta. This is an interesting perspective for general home values across Metro Atlanta. As you can see, home values have essentially recovered from the real estate recession. Local areas and prices point will be different. Yes, real estate is truly local.
Our website provides Instant Home Values Estimates for your property or any properties in the country. We also show the number of real-time buyers looking for a home like yours! Visit our website and check out your report. Remember, these home value estimates are automated tools. We can provide you the most accurate value estimate since we have access to proprietary information sources and local details. Contact us to learn more!
As we all get ready to celebrate our modern versions of Thanksgiving, we thought you might find it interesting to recall the history of this event.
The History of Thanksgiving: In 1620, a small ship called the Mayflower left England seeking a new home where they could freely practice their faith, pursue prosperity and own land. After 66 days of treacherous seas, they anchored near Cape Cod which was far north of their intended destination at the mouth of the Hudson River. They called their new home Plymouth and began the process of building a town. During the harsh winter, most of the colonists remained on the ship where they suffered from many afflictions. Only half of the original passengers lived to see the next spring. In March, they moved ashore and met a Native American named Squanto. The Pilgrims had been weakened by malnutrition and illness. Squanto taught them how to cultivate corn, extract sap from maple trees, catch fish in the rivers and avoid poisonous plants. In November 1621, the Pilgrims first corn harvest proved successful. Governor William Bradford organized a celebratory feast. The colonists and Indians celebrated for three days in what is now recognized as the "First Thanksgiving."
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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