The
Atlanta real
estate market has been soft for
while. Thank goodness listing inventory is finally moving off
its peaks, but it is still very high with over 71931
Active listings in all classes. Due to sellers being upside
down, there is a lot less real inventory than there appears. Currently,
the Atlanta market is off 15% in sales price from last year. Chronic
overbuilding, speculation, e-z credit with no money down, foreclosures,
and 10.7%
unemployment levels in Metro Atlanta
has cooled our market off considerably. Recovery is still a
bit down the road. In spite of this... I noticed activity is
picking up a bit, and our May/June closings were as good as any in our
best years. Prior to May/June we had a long drought preceding this for
closings. Our most recent activity for our business is mostly
buyers from the Internet, and overseas. The most
recent real estate activity in the Atlanta metro area...in my opinion was a
delayed spring market that never occurred.
In the second half
of the year I predict inventory will stabilize further, and sales will
remain flat due to the high unemployment rate. I also believe
many real estate companies will fail. There are not enough
sales or revenue streams to sustain them. Many real estate
offices that relied on the rents from insurance companies, attorneys,
and related services or affiliated business arrangements...have found
themselves high and dry as these tenants moved on.
;)
;)
Jim,
Keep in mind when there is 11% unemployment, there is still 89% employment...And unemployment takes time to turn around...!!! Thanks, Fran