ATLANTA MARKET REPORT
(January, 2011)
The number of homes sold was down according to Trendgraphix when compared to January a year ago. This is hopefully not going to be an indicator of things to come for 2011 in our local Atlanta real estate market. As the graph indicates, 41,516 units sold in the month of January, 2011 which is down approximately (-) 0.05% from January 2010.
NUMBER OF HOMES
ALL SINGLE FAMILY HOMES (DETACHED & ATTACHED)
January 2010 through January 2011
Home pricing in the Atlanta market did begin to stabilize in 2010 - not appreciate - but stabilize. Despite that the price per square foot on homes sold for the month of January, 2011 showed a decline of approximately (-) 0.9%. And, although we don't expect to see home values appreciate in 2011, if you are a home owner who would like to sell, homes are selling and it is still a good time. Although your home may have lost equity, you should make up the loss on the purchase of a new home. And, most certainly you will enjoy the continued historically low interest rates.
AVERAGE PRICE PER SQ FOOT
ALL SINGLE FAMILY HOMES (DETACHED & ATTACHED)
January 2010 through January 2011
The average days on market for Atlanta didn't change too much for the first month of 2011 - an overall slight increase of (+) 0.03%
AVERAGE DAYS ON MARKET (Sale Price/Original List Price %)
ALL SINGLE FAMILY HOMES (DETACHED & ATTACHED)
January 2010 through January 2011
The good news.....months of inventory has dropped approximtely (-) .12%. Some would argue that home owners who do not have to sell have helped the inventory levels thus also stabilizing home pricing. I would tend to concur with that observation but I would also add the fact that banks are holding distressed inventory is also a contributing factors. I think what we will see in 2011, is more short sales vs. foreclosures. We will see new starts coming out of the groung - not like before...but builders will start testing the Atlanta market in 2011.
MONTHS OF INVENTORY
ALL SINGLE FAMILY HOMES (DETACHED & ATTACHED)
January 2010 through January 2011
Graphs created by Trendgraphix
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