Buckhead Market Report Feb 2012 - Very low sales and lease home inventories
As Tim Francis Realty, LLC continues into 2012, we are seeing significantly reduced inventories in the Buckhead Real Estate Market and throughout the metro-Atlanta Market. This reduced inventory levels is driving a new and improved Atlanta real estate market. For listings, we get multiple calls confirming availability, as well as are hearing more and more of multiple bid situations. For lease listings, our showings are through the roof with multiple applications expected this week. On both, we’ve got agents calling and e-mailing for first advance looks on UPCOMING properties.
Let’s take a look at specific Atlanta trends in early 2012. For CLOSED Sales Volumes we are seeing dramatic 25% and 30% increases year to date over closed units for both single family homes (Detached) and the Condo & Townhome (Attached) markets.
Unfortunately, price points did not rise for either category. For single family homes – sales prices were down to an average of $154k from $178k last January. For Condo’s & Townhomes – sales prices were down to an average of $117k from $119k a year ago.
While these are not trends we like to see, the picture doesn’t show the factor of how the dramatically reduced inventories will start to affect pricing. Today, in metro Atlanta – all detached listings total about 24,000 units down 31% from last year’s 36,000 homes at this time of year. This is tremendously significant and Tim Francis Realty believes will be the greatest driver of potential price increases this year. For Condo’s and Townhomes, inventories are down 36% from 6,800 units to 4,700 units.
It’s a whole new Atlanta (Buckhead) real estate market out there in 2012. As Tim Francis Realty attended agent caravan’s today to preview the existing market and stay on top of this reduced inventory, we continually heard agents’ optimism about this current market. As well, our showings report this week shows incredibly high showing activity meaning that the Atlanta Real Estate SPRING market has SPRUNG already!
While we realize folks are trying to determine the best time to buy and time the market bottom, indications with current inventory, current demand suggest we are at or very close to that Atlanta Real Estate Market Bottom.
If you are in the market for a new property, personal or investment, why not work with a professional who is on top of the local Atlanta Buckhead Real Estate Market?
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