Actually, 2007 was the 5th best year in history (recorded since 1952) of home sales nationally. We all know the market is not as fast paced as we saw in 2004 & 2005. However, it is considered to be more of a correcting market. Here in the Metropolitan Atlanta area we have not had the struggles that have been seen nationally. We do have an oversaturation of available homes though.
The average days on the market of in the Hall, Barrow, Jackson & Gwinnett County areas this time last year were 90 days for December 2006, and 110 days for December 2007. Average home sales prices were at $225,700 with a list to sales price ratio of 98% in December 2006. December 2007 sales prices averaged 223,800 with a list to sales price ratio of 95%. So, we added 20 days to average timeline and lost 3% of sales price on average. All statistics are according to data provided by local multiple listing services.
Although no one can provide a secure answer to when the market will ‘pick-up' many different projections are available some are stating as follows: late 2009 before we see any pick-up; Spring of 2008 should be better (Spring and Fall are typically our best time of year), there will be a shortage of lots to build on by Fall of 2008...etc.
Basically, this is a GREAT time to buy a home; as a first time buyer, investor, or even someone with slightly challenged credit. Seller's are anxious to sell, financing rates are low, and there are plenty of homes to choose from.
Thanks for your question...if you decide to buy or sell a home be sure to use a REALTOR®. We are professionals held accountable by a code of ethics, and no one knows the business better than a professional.
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