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 May 2018.
- The entry-level market has strong demand and very low inventory. There are many multiple offers and values rose faster than other segments. 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.
- May pending contracts were up .6% from April and up 8.6% from the prior year. May closings were up 11.7% from April and down 1.3% from the prior year.
- Year-to-date pended sales units were up 6.5% versus the prior year. Year-to-date closings were up 2.8% versus the prior year.
- The Average Sales Price for May was $322,000 – up 3.2% from April and up 6.6% from last year. 2018 is on track to be the highest annual ASP on record.
- Inventory for May was up 5.3% from April and down 8.8% from last year.
- Overall Months of Supply for May was 2.4 months. Six months is considered normal. Luxury properties took longer with homes above $1 million averaging 10 months and properties over $2 million averaging 16 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 (5/29/18) was up .8% compared to the previous month. Metro Atlanta home values are up 73% 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.
Our next MEGA Open House Event is Sunday, June 24th from 2pm – 5pm. There will be hundreds of beautiful open houses available and one lucky sweepstakes winner will get a cool Amazon Alexa Package which includes an Alexa Show, Alexa Spot plus a 4-pack of smart outlets to allow your Alexa network to control other devices.
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, and WAZE to generate interest from potential buyers. We also leverage our digital billboard network and print mediums. In the local community, we market to the neighbors and often host a preview event. The combination of these aggressive marketing campaigns and local neighborhood exposure generates the most 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!
Father's Day originated in 1910 in Spokane Washington. Sonora Smart Dodd was the daughter of a Civil War Veteran who raised his six children as a single parent. To honor her father, she organized the first celebration at the Spokane YMCA. There were several attempts to create a national holiday by President Woodrow Wilson, President Calvin Coolidge and others. In 1966, President Lyndon B. Johnson issued the first presidential proclamation honoring fathers and declaring the third Sunday of June as Father's Day. Six years later, the national holiday was made permanent and President Richard Nixon signed it into law. Happy Father's Day to all the Dads! Sunday, June 17th is your official day. Take time to enjoy it!
Berkshire Hathaway HomeServices Georgia Properties is pleased to announce our new Atlanta Real Estate skill for 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. This is the most advanced real estate skill available and we are just getting started. Voice-powered devices are changing the way that consumers access information, enjoy entertainment and perform tasks at home, in the car and on many devices. The artificial intelligence behind these amazing platforms will make them smarter and smarter. Enable your Atlanta Real Estate skill today and check it out! You never know – Alexa may help you find the home of your dreams!
Contact us to learn more about the many ways that we market our listings to the largest possible audience of buyers. This increases the chances of finding the right buyer and negotiating the best terms that achieve success for our clients.
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.
