Real estate in Atlanta appears to be improving, according to a recent Atlanta Journal article that states: Atlanta is one of seven metro areas that is experiencing a year-over-year price increase!
Nationally, we may never experience the "go-go" markets of the past - real estate in some parts of the country will flourish and others will flounder as the economy of the country moves along. Recovery in diverse neighborhoods in large metropolitan cities, like Atlanta, will recover at different times as well. Homes for sale in Atlanta's outlying areas will take longer to sell in the future, as buyers flock to neighborhoods that are closer to work. With rising oil prices and a stagnant economy, shorter commutes become more critical. Stephan Swanepoel, a respected real estate spokesperson, believes that our next decade will see major changes, as homeowners look for ways to cut commuting and monthly housing costs. More seniors will be living with their children, as families pool their resources . Homes for sale in Atlanta will continue to endure a slow recovery for the next few years.
Lawrence Yun, NAR"S Chief Economist, states that existing home sales fell in 2010 by 4.8%, but are predicted to rise 7.9% in 2011, and another 4.5% in 2012. If closed contracts stay on the present course, he predicts an 8% increase in total existing home sales this year, while mortgage rates should rise only modestly in the months ahead.
What an opportunity to buy! Low interest rates and an improving economy!
Atlanta real estate is increasing marginally as the sales price of single-family existing homes rose nearly 2% in January, 2011, compared with the same month a year before., marking the first time since August there has been a year-over-year increase in prices. Yun says "the uptrend in home sales is consistent with improvements in the economy and job market, which is helping to boost consumer confidence".
Smart Numbers prepares charts reflecting changes in homes for sale in Atlanta for the First Multiple Listing Service, and indicates the following:
- Closed units in Atlanta are up to start 2011
- Average Prices are down for the beginning of 2011
- An increase of 2.2% over January 2010 for all single family homes closed
- Average Prices were down because fewer high-end homes closed, reducing the Average Price
- The inventory level for all single family homes dropped to 40,770 at the end of January, 2011, the lowest inventory since the end of December, 2005.
Is real estate in Atlanta improving? There are encouraging signs that it is! As we move into the spring real estate market, homeowners and buyers should take advantage of this improving trend to sell or buy a home in the Atlanta area. Buying or selling a home in this changing market can be challenging. Contact a qualified Realtor who works in your neighborhood for assistance.
Comments(0)