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Metro Atlanta Home Prices Fall - Record Low According to the Case-Shiller Index

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Real Estate Agent with eXp Realty - Urban Nest Real Estate Group GA# 305421

Atlanta home values, selling your homeNormally I try to share GOOD news, but after reading an article in the Atlanta Jounal Constitution (AJC), I thought this is something every Atlanta home owner - and home seller -- needs to know...

From August 2010 to September 2011, Standard & Poor's Case-Shiller Home Price Indices reports that Metro Atlanta home prices fell sharply (to a new low) - which is suprising because on a national level, home values are up 0.1%.

The average Metro Atlanta home sale price was 4% lower than in was in 2000.  This was the largest decline for a major US city.

I'm sure your first question is WHY???

There are several possible reasons quoted by the AJC and local real estate professionals:

  • Close to 30% of the home sold in Metro Atlanta are foreclosures
  • The percentage of short sales are also significant
  • About 25% of home sales are to investors (so they are buying up the low price point homes and we have a disproportionate number of home sales under $125K)

Here is a bit of GOOD news:

  • From January to October 2010, a total of 35,948 (single family) homes sold.  In 2011 (Jan - Oct), we had a BIG spike in the number of homes sold - 41,483 to be exact
  • Condo and townhome sales are also up by nearly 1,000 year-over-year

When the number of home sales increase, the inventory of homes declines and once our inventory is down, home values start to go up!  Without a crystal ball, it is hard to predict when the home values will start to increase, but if you need to sell your home in 2012, please understand that the values are down.  I would highly recommend that you meet with several local real estate professionals so that you will get an accurate estimate of the value of your home.

 

See local home prices in your neighborhood >>


Read the full AJC article >>


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Kerry Lucasse  ::  eXp Realty ::  Urban Nest Atlanta Real Estate Group

Call anytime @ 404.432.1844

Urban Nest Atlanta Real Estate Group - eXp Realty GA

  

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In & Around Atlanta Real Estate Blog - Copyright 2006 - 2020 by Kerry Lucasse and the Urbanest Real Estate Group with eXp Realty LLC in Atlanta, GA.  All information contained in this blog is deemed to be reliable but not guaranteed.   If you need assistance with Intown Atlanta real estate, Kerry Lucasse and her team are always available to assist you with your residential real estate needs!

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Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hi Kerry-very surprizing news, I would have thought Atlanta metro would be rising.

Dec 02, 2011 03:55 AM