Well, I can tell you… it’s hotter than it was. I don’t know if I’d call it ‘hot’ yet, but it’s warming up… sort of like the weather.
Home sales & median sales prices were down in the 4th quarter of 2010 vs. 3rd quarter, but they started climbing in December & have continued through Spring 2011. The Ratio of Sales Prices to Original List Prices was UP in the 4th Quarter of 2010 compared to 4th Quarter 2009 by 2% and Days on Market (DOM) was down slightly from 123 to 120, which indicate that homes are entering the market at more competitive prices. The amount of homes for sale in the Atlanta area (i.e. Inventory) also began to trend downward after June 2010, so although the market may seem a little saturated with inventory, it’s mainly overpriced homes or distressed properties that need LOTS of work. The good homes at good prices are still going super fast.
We’ve noticed that in the $300-$400k price range, there seems to be a boom of interest from Buyers. We’ve had 4 sets of clients in Multiple Offer situations since February (3 with Buyers, 1 with a Seller – and my buyers won all 3!!) and ALL have been between $325-$375k in Virginia Highland, Grant Park and 2 in East Cobb (yes, we can cover some territory – we have lived in Buckhead, East Atlanta & East Cobb in the last 7 years). The $300,000 to $500,000 price range has the lowest inventory count (12 months) of any other price range besides the <$200,000 range at 9.7 months of inventory (which accounts for approx 60% of the current home sales in this market).
And to touch a little more on that price range: in the $300-$500k range, median Days on Market was down to 158 in the 4th quarter of 2010 vs. 189 days in 4th quarter 2009 (-16%). For all price ranges, if a home is overpriced, the median DOM is 181, but if priced correctly it’s ONLY 28 DOM!! Meaning you have to act FAST to get the goods.
So, this may have been a little scattered, but what we tried to indicate is that although the market seems to be slow-go, it’s really picking up in certain price ranges. The Prices have fallen enough to where Buyers are definiltey taking notice. I mean, who would’ve thought you could get a nice 3 bedroom home on a basement in Virginia Highland for under $340k? Who would’ve thought you could get a 5 bedroom 3 bath home on a finished basement in the Sope Creek Elementary, Dickerson Middle & Walton High School district in the mid-$300’s? The time is right, the prices are more right than ever, and the rates continue to be ridiclously low (although they do like to bounce around a little).
If you’re thinking of buying a home – do it before the rates go back up. Seriously, that’s the biggest factor. The prices are so good, you can’t miss if you plan on being in the home for at least 5 years. Get the best rate, because that will ultimately have a bigger effect on your monthly payment.
If you’re thinking of selling your home, give us a call & let’s do a Market Analysis to see how your home would fit into the market. Inventory may be low for comparable homes in your area & price range & that may help you get the best price by getting in front of those buyers looking for a great home at a great price & a great mortgage interest rate vs. waiting on the spring/early-summer inventory to come on the market & increase your competition. You could potentially get yourself into a multi-offer situation!! Wouldn’t that be nice?!
Click here to search Atlanta Homes for Sale just like an Agent can, OR here to get a FREE Market Valuation to find out “What’s My Home Worth?.” If you want a more custom, real-time search that pulls directly from the MLS & will prompt you when homes that meet your wants & needs, email us at HomeTeam@KellySellsAtlanta.com & we’ll have it set up for you pronto.
The KellySellsAtlanta.com Team
#1 Team in Keller Williams of Buckhead since 2007