Prudential Georgia Realty Real Estate Advisor October 2013
We are providing this monthly real estate advisor report to keep you informed about the latest trends and issues in the real estate market. 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!
Greater Metro Atlanta Real Estate Update
For the Greater Metro Atlanta area, listed inventory is up 23% from the lowest point in February 2013. But inventory remains down 6.3% compared to 2012 levels and down 41% from 2011. The limited availability of quality properties with reasonable value has turned many local areas into a seller’s market.
The available “months of supply” is 4 months based upon closed sales (6 months is considered normal).
Closings in August were down 17% from July reflecting the seasonal “back to school” slowdown. All price points showed a drop with the $1 mil - $2 mil price range showing the greatest drop at 30.4%.
Year-to-date closings are also down 1.8% compared to the same period from 2012.
Closings under $100,000 are now 18% of all closings. Two years ago, over 50% of properties sold were in the price range. The exit of large investors has allowed the distribution of properties to return to normal.
The pace of short sales and foreclosures coming on the market has slowed considerably. In 2010, over 60% of sales were distressed properties but that is now down to 37%. Resales are the larger mix of sales.
New homes are making a slow but sure comeback. New home closings are up 55% from last quarter. There are some wonderful new home communities coming online with the latest innovations in smart building that may be great options for buyers.
The Case-Shiller Index reports that Metro Atlanta home values have increased 35% from the bottom of March 2012. But values remain down 18.27% from the peak of July 2007.
Appraisals can be a problem. In areas where prices are rising, the appraiser may not be considering the latest comps or may not be able to use some comps that were done as private transactions. We can help provide information to the appraiser in the right formats that give you the best chance to get the highest value.
Click Here for a detailed set of slides that show the National Market, the Metro Atlanta Market, The New Homes Market, and how our company is performing. There is a reason we are ranked #1 in Metro Atlanta.
This is an unprecedented opportunity to buy the home of your dreams while prices and financing are historically low. But these conditions will not last as the real estate market continues to recover.
BERKSHIRE HATHAWAY HomeServices
On December 10th, our company will be adopting the new Berkshire Hathaway HomeServices brand. We are excited to begin this new chapter for our company and this conversion will bring many advantages for our agents and their clients. This year, we also celebrate 50 years of serving the needs of our clients in the Greater Metro Atlanta area. During that time, we have operated as Crest Realty, Merrill Lynch Realty, Prudential Atlanta Realty and Prudential Georgia Realty. Though the name has changed, our commitment to deliver exceptional real estate services has not. In the last five years, our company has been consistently ranked as the #1 real estate company in metro Atlanta with more homes sold than any other brokerage.
Now that our company is part of the Berkshire Hathaway family of companies, we thought it might be helpful to get to know more about our new organization:
According to the Forbes Global 2000 list, Berkshire Hathaway is the 8th largest public company in the world. The company is led by Chairman and CEO Warren Buffett who is often referred to as “the Oracle of Omaha” for his keen insight on business matters.
The Berkshire Hathaway approach is to acquire companies with great brands, great products, and strong leadership, then grow and build value over long periods of time.
Berkshire Hathaway owns and operates approximately 100 companies and employs approximately 300,000 people. Company holdings include major brands like GEICO, Fruit of the Loom, Dairy Queen, Benjamin Moore, Helzberg Diamonds, NetJets, Heinz, MidAmerican Energy, and Shaw Industries, which is located in Dalton, Georgia.
Berkshire Hathaway has major stock positions in companies like Wells Fargo (8.7%), American Express (13.7%), IBM (6%) and Coca-Cola (8.9%).
Berkshire Hathaway was named the No. 1 company in Barron’s annual ranking of the world’s 100 most respected companies.
Being part of such a large and successful organization gives us many advantages. For example, our listing clients will benefit from an unprecedented level of exposure. Look for more details and exciting news as we move closer to our big announcement on December 10th.
We look forward to leveraging the Power of Berkshire Hathaway to deliver even more advantages for our clients and customers. Contact us to learn more.
Welcome To Fall 2013!
Fall officially started at 4:44pm on Sunday, September 22nd. The Braves have clinched the National League East for the first time since 2005. College football is in full swing and the Atlanta Falcons are beginning their season with hopes of playing in the Super Bowl. We are blessed with a long fall season with pleasant weather and beautiful colors.
So what are the prospects for the colors of fall this year? “The main thing that makes for good fall color are sunny days beginning in mid- to late-August and continuing into September, coupled with cool nights,” says Howard Neufeld, an Appalachian State University professor whose weekly leaf-watching reports have earned him the title of “Fall Color Guy.” The early summer was unusually wet this year. The average rainfall for Metro Atlanta is 49.71 inches per year. In the first 8 months, we have already had 51.04 inches. But the late summer starting in August turned drier. The Atlanta-based Weather Channel predicts autumn will be more dry and cooler than average in the Southeast. That would point to a colorful tree canopy and a likelihood that many of us won’t depend too much on air-conditioning or heat going into December.
Click here to view the locations for the South’s Best Fall Colors according to Southern Living magazine. So get out there and enjoy our beautiful fall season!
If You Know Someone Who Can Benefit From This Information Or Our Real Estate Expertise, We Would Love To Help Them.
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 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 678-513-2014 or email us at APrescott@PrudentialGeorgia.com.
