So what’s happening in the metro Atlanta real estate market?
As you already know, it’s been a tough year. The overall economy and the large number of foreclosures and other distress sale properties has dramatically impacted the number of homes sold, their average sales prices, and the number of days it takes to sell a home.
Trends
Overall, home sales in 2009 have been following the same trends as in most every other year, but at lower sales prices and sales volumes. As usualy, sales are lower in the colder months and then increase and peak in the warmer months. Ok, no surprises there.
Number of Homes Sold
This year, the number of single-family homes sold has been at about the same level as sales in the year 2000…a little less, but very close. While we’re not at the high levels of June 2005 and 2006 (when 7,000 to 7,500 homes were sold in one month), the great news is that sales in September 2009 were slightly higher than they were in September 2002 (about 3,600 homes sold).
Prices of Sold Homes
During the first quarter of this year, sales prices for single-family homes started off at the lowest levels this decade. In fact, average sales prices were about $20,000 lower this year than they were in 2000. For example, the average prices in February 2009 were in the upper $170’s, compared with prices in February 2000 when they were in the mid to upper $190’s. The great news for home sellers is that home prices dramatically increased from February 2009 to July 2009, increasing about $40,000 in five months, from the upper $170’s to nearly $220,000. This is quite a bit lower than prices in 2006 and 2007, when the average sales prices were at around $280,000, but, for home sellers, prices are heading in the right direction. This could also be a warning to home buyers. Buy now, because prices may be heading back up.
Days on the Market
The number of days it takes to sell a home is at the highest level this decade. In September 2009, the average days on the market was nearly 100 days. Compare this with sales in September 2000, when it was only taking a little over 60 days to sell a home.
Inventory
Inventory, or the number of homes on the market, peaked at over 70,000 in the summers of 2007 and 2008. Since then, inventory has steadily declined, and now there are only about 47,000 homes on the market. This is the lowest level since 2006. Could we be heading into a seller’s market? Time will tell.
So what does all of this really mean? Has the market reached the bottom and heading back up?
It’s too soon to tell, but some indicators show that the worst may be over and we’re heading for better times. With the extremely large number of foreclosures and governemnt home buyer incentives totalling up to $23,800, buyers know that this is a once-in-a-lifetime opportunity to get a great deal on a home.
If you’re thinking about selling a home and expecting to get full price, you may need to be a little patient…well, more than a little. While we are seasoned professionals who use the latest technologies and the most effective marketing strategies to sell a home, the truth is that buyers have too many choices right now and are seldom, if ever, paying full market value for a home. On the other hand, if you’re highly motivated and very flexible on your price, then this is a great time to put your home on the market.
Bottom Line
While there are many uncertainties in the current real estate market, there is one undisputable fact. This is the best time to buy a home. In fact, there has been no better time to buy a home in the past few decades. If you buy now, you could buy a home at an all-time low price and receive as much as $23,800 from the government to help you buy it. Whether you agree with the tax credits and other government incentives or not, they are available to home buyers now. But if you wait, you risk paying a much higher price and losing the opportunity to have the government help you out.
For more information about the real estate market in specific areas, including charts and graphs, click here:
Marietta real estate market trends
Kennesaw real estate market trends
Acworth real estate market trends
To view all homes listed for sale in the Metro Atlanta area, click here:
Atlanta Real Estate
Kennesaw Real Estate
Marietta Real Estate
Acworth Real Estate
All Other Metro Atlanta Real Estate
If you have any questions about the $23,800 home buyer incentives or anything else related to buying or selling a home, please give us a call. My team and I will answer your questions, consult with you to learn about your wants and needs, and then go to work for you to help you accomplish your real estate goals. The best thing is that our services are free of charge when you buy a home, and we’ll even buy you a 1-Year home warranty if we can’t get the seller to pay for it, so you’re protected when you move into your dream home.
Ok, that’s all for now. Thanks for stopping by!
Kim Eisenmann
The Eisenmann Home Selling Team
Solid Source Realty
3745 Cherokee St
Kennesaw, GA 30144
Direct: 678-222-2987
Office: 770-475-1130 ext 4940
