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April Metro Atlanta Market Overlook

By
Real Estate Agent with Prudential Georgia Realty

The First Multiple Listing Service and experts reported the following:


1)      There are numerous signs that the housing market is turning positive.  But a robust rebound is not expected.

2)      Sales of all single family properties in March 2010 were up 7.1% compared to March of 2009.

3)      3,793 single family detached homes sold in March 2010 which was an increase of 5.2% over the same period last year.

4)      The average sales price in March 2010 was $197,433, an increase of 9.4% versus March 2009 and the largest year-to-year monthly increase since January 2001.

5)      Inventory for all single family seems to be entering a more normal seasonal cycle.  It looks like our spring season is having a "normal" increase in supply.

6)      The majority of Metro Atlanta is no longer being considered a declining market in the eyes of appraisers.  As a result, more contracts are going to the closing table at the originally negotiated purchase price.

7)      New construction may be on the rebound!  Permits are up almost 50% in the 1st quarter of 2010 versus the 1st quarter of 2009.  There were 1,900+ permits issued for the 1st quarter of 2010 versus 1,270 for 1st quarter 2009.  It's critical to increase the rate of new construction - as this means jobs.