Berkshire Hathaway HomeServices
Georgia Properties
Real Estate Advisor – March 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!
The Metro Atlanta real estate market is off to a mixed start in 2017. Pendings show strong momentum but closings are slightly down from last year. Inventory is lower - making it harder to find the right property. Below is the summary for Metro Atlanta through February 2017.
- Year-to-date pended sales through February were up 8.8% versus last year. Year-to-date closings were down 2% versus last year and down 9.8% from last February.
- The average sales price for February was $269,000 - up 1.9% from last month and up 5.9% from last year. The annual ASP for 2016 beat the record posted back in 2006.
- The listed inventory for February was down 1.8% from last month and down 5.4% from last February. But the limited availability of desirable properties is still driving multiple offers and very quick sales in select areas.
- Overall months of supply for February was 4.4 months. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 18.3 months and properties over $2 million averaging 91 months to close.
- The latest Case-Shiller Index for Atlanta (2/28/17) was essentially flat (+.16%) compared to the previous month. Metro Atlanta home values are up 61% from the recent bottom of March 2012 and up 2.42% 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. Ask about our Close On Time Guarantee and Free Second Opinion programs. Over 77% of clients who tried the Second Opinion Program found a better solution and 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 this Sunday, March 19th from 2pm – 5pm. There will be hundreds of beautiful open houses open across Metro Atlanta. We are having great success in attracting buyers for our MEGA Open Houses! Our MEGA Open House Events are very different from the standard open houses from other 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. Our next MEGA Open House Event will be Sunday, April 9th.
Did you know that China is the leading source of International buyers?Metro Atlanta is forecasted to be the next significant destination with new direct flights to China. The Chinese government blocks traditional real estate website so reaching these 1.39 billion potential buyers requires a different approach. We are pleased to announce a new strategic with Juwai.com, the leading real estate website for China. Our listings are professionally translated and receive the highest exposure. We are also working with Juwai to promote Metro Atlanta as a destination. No other company has this type of exposure to the largest and fastest growing segment of International buyers. Look for more exciting announcements soon as our industry-leading global exposure program continues to evolve.
March Madness is upon us. Here is a link to download your printable bracket. We will find out who wins in Phoenix on Monday night, April 3rd. Can you pick the perfect bracket? According to a study from DePaul University, the odds of picking a perfect bracket are one in 9.2 quintillion (1 in 9,223,372,036,854,775,808). The odds are worse than winning two Mega Millions jackpots in a row.
Did you know?
- Only once have all four #1 seeds made it to the final four (2008).
- No #16 seed has ever beaten a #1 seed in the first round.
- The phrase “March Madness” was first coined in 1982 by sportscaster Brent Musburger.
- In the 80 years of the tournament, only 35 schools have ever won the top prize.
- During March Madness, pizza orders increase by 19% and beer sales increase by 28%. Dessert orders increase 9% after favorite teams lose.
- Approximately 70 million brackets will be completed.
- The average ticket to tournament games will cost $477. Final Four tickets range from $588 to $9600.
- The NCAA will collect over 900 million in revenues. $9.2 billion will be wagered on legal gambling and $8.9 billion will be wagered on illegal gambling.
March Madness is big fun and big business. We hope your favorite team has a great run in the tournament. It will be fun to watch the buzzer beaters, Cinderella stories and epic matchups!
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 678-513-2014 or email us at Arthur.Prescott@BHHSGeorgia.com.
