Well, as we are ending our year we’re reporting November numbers for you. We’re sure you can tell from the monthly market reports that we always look for the silver lining - the good news that gets buried by all the bad national press. Well, we have it for you and here is the headline:
The Atlanta Real Estate Market hit bottom on October 31 st – begins moving towards recovery!
You won’t see this headline anywhere else but it is true…sort of. Year to date closings for all single family has declined 15% over the same period of 2006. However, closings for condos/townhomes and single family homes for October did exceed September and November closings did as well. Our real estate market here in Atlanta has stabilized. Indications are that closings for December (those numbers will be out late January) will be an increase over the previous months and year.
Average sales price for both single family and condos/townhomes are still up, albeit nearing flat. Single family is up 3% over November 2006. Condos/townhomes are up a bit more but artificially due to a few million dollar units selling.
As you would expect, days on market keeps edging up. For November the average was 128 days for all of Metro Atlanta vs. 104 days for November 2006. But there are buyers out there. We are seeing multiple offers on some aggressively priced homes. Some of these are foreclosures but when the banks get real competitive we are seeing 4 and 5 offers submitted on some properties. This will probably continue through the first quarter or so of 2008 but as the buyer traffic increases significantly in the spring those deals will be harder to find.
The months supply of inventory is stabilizing somewhat as well (for resales that is). Right now there are approximately 10.9 months of inventory for single family detached homes and 11.3 for condos/townhomes. If you look at the inventory for new construction then single family jumps to 14.1 months and condos/townhomes jump to 15.6 months.
Finally, some recommendations. As we evaluate the number of buyers we are working with right now, most of which are relocating from outside the Atlanta area, we are predicting a stronger first quarter than 2006. There is pent up demand, buyers who have been waiting to get past the fourth quarter holidays to begin there search in earnest. So, if you are a prospective seller – don’t wait until the dead of spring to get your home marketed. While inventories are inflated, January is the lowest month of inventory all year long.
Keep in mind that these numbers are for all of Metro Atlanta and could vary significantly from your city, area or community. To be sure you can always contact us to request specific information for you.
Bob Strader
The NORTH Group
“Guiding Buyers and Sellers Throughout North Atlanta”
Keller Williams Realty Community Partners
540 Lake Center Parkway, Suite 201
Cumming, GA 30040 | www.TheNorthGroup.com
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