Anyone who lives in the Atlanta area can tell you that the housing market has definitely been affected by the new homes bubble, the large number of short sales and foreclosures as well as a reduction in buyers. Atlanta was one of the top markets in the nation for new home construction until 2006. Currently new homes sales are down 80 percent from peak levels.
Georgia currently ranks #7 in the nation for foreclosures. More short sales and foreclosures are expected. For 2009 over 50% of sales are short sales, foreclosures, corporate owned or bank owned properties.
Current inventory levels are approximately 16,000 less than previous years. Home pricing has dropped due to foreclosures, short sales, aggressive new home prices and home owners becoming more aggressive in their pricing in order to compete. According to Case-Shiller average home values have dropped 23.14% from the peak of July, 2007.
As of the end of June, 2009 inventory supplies stand as follows:
- 16.7 months for ATTACHED
- 12.0 months for DETACHED
Dan Forsman/President & CEO Prudential GA Realty
For more information: Atlanta Real Estate Market - Summer 2009 Edition