Admin

November Metro Atlanta Market Update

By
Real Estate Agent with Prudential Georgia Realty

On November 23rd, the First Multiple Listing Service reported the following: 

1)      Pre-holiday cheer was reported - October had the strongest year-to-year increase in closings for all single family since May 2006!

2)      Inventory levels keep dropping.  As supply and demand reverse, home prices will begin to increase.  I believe that inventories at the end of December will be almost half of the all-time high of 60,000 in 2007.

3)      October was the 6th month in a row with an increased number of written contracts compared to the same month last year.  November's number of contracts is expected to continue this trend.

4)      The Atlanta Journal Constitution and TV news, as well as additional sources, are reporting public outrage at appraisers undervaluing properties.  Appraisers must present current market value and allow for market recovery.

5)      The average sales price for single family detached was $203,440 in September and $201,038 in October.  An increase in the average sales price is anticipated as we finish out the year.

6)      Housing seems to be on the upswing, but the overall economy remains very weak.  In order to have big upticks in housing, the economy needs to improve, especially the employment sector.