Clear Capital Home Data Index came out this month ranking the best performing major cities in the housing market. And, no surprise to see that Atlanta did not make the list. Here is how they lined up:
TOP PERFORMING MAJOR CITIES FOR THE FIRST HALF of 2011
- Washington, DC - Arlington, VA
- New York,- Long Island, NY -No. New Jersey, NJ
- Orlando, FL
- Dallas-Ft. Worth-Arlington, TX
- San Francisco-Oakland-Fremont, CA
- Boston-Cambridge-Quincy, MA
- Honolulu, HI
- San Diego-Carlsbad-San Marcos, CA
- Rochester, NY
- Memphis, TN
CITIES PROJECTED to SHOW HOME PRICE GAINS SECOND HALF 2011
- Washington, DC
- New York
- Orlando, FL
- Dallas, TX
- San Francisco, CA
The report further indicates that although most cities will still post losses for 2011, by all indications prices have begun to level off and there is not the volatility in the market which we have been experiencing for the past several years. As a REALTOR during the good, the bad and the ugly, I can attest that although the volatility has leveled off in our Atlanta real estate market, we still have a way to go. 
Atlanta home sales do seem to be on the up-tick......exceeding expectations but home prices continue to struggle. According to Smart Numbers, the average sales price of single family detached homes for May, 2011 came in 8.6% below the same time one year ago.
An interesting statistic provided by Smart Numbers shows the average sales price for ALL single family homes (detached and attached) year-to-date-2011 is $171,587. This is compared to our highest recording of home sale prices for ALL single family homes back in 2007 at $254,157. A mere 4 years ago!!!
And good or bad, many home owners are sitting on the side lines waiting for prices to go back up. Unfortunately, the increase in home values is going to take time....years! And, as they begin to tick back up you can expect to see interest rates to go right along with the prices. Sitting on the sidelines waiting for a return of home values will most likely be offset by high interest rates. The adage, "Sell low, buy low" is probably worth living by if you want to take advantage of the historically low rates that continue to keep our housing market afloat.
Source:
RealtorMag, Daily Real Estate News, July, 11, 2011
Smart Numbers, June 20, 2011 Market Report
Comments (0)Subscribe to CommentsComment