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Listing inventory up 23% from Greater Atlanta's lowest point

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Real Estate Agent with McCarty Homes 246247

February 2013 marked the lowest point for listed residential inventory in the Greater Metro Atlanta area.   Current inventory is up 23% from that low point but still remains down 6.3% compared to 2012 and an amazing 41% down from 2011.  The limited availability of housing stock has turned many areas into a seller's market.   Multiple offers, sale prices over asking price, and selling within the first few days is becoming very common.

In the metro as a whole we have 4 months of supply in a business where 6 months is considered normal.

Closings were down in August in all price ranges, consistent with "back to school" slow down that residential real estate usually experiences.   Year to date closings are also down compared to 2012, most likely due to shortage of homes to sell.

The number of short sales and foreclosures available has slowed down considerably, now accounting for just 37% of sales when back in 2010 it was over 60% for distressed sales.  

Closed sales under $100,000 is now about 18% of all closings.   Two years ago over 50% of sold properties were under $100,000 in this market.

Investors are still active in the market, and often buying up to $150,000 depending on area and condition of the property.

Case Shiller Index reports that Metro Atlanta home values have increased 35% from the bottom of March 2012.   Values remain down from the peak 18.27%.   The peak is considered to be July 2007.   

Appraisals have been challenging but the good  news is that now, buyers and sellers alike are understanding the reasons who and how it affects their strategy in the current market conditions.  

Rates area still historically low.   Sellers, it's a fabulous time to list your home for sale.  I listed a home just this week that received a very good offer after first showing, which was less than 7 days on market.   It just doesn't get much better than that in any market!  

let's discuss your plans . . .I'd love to be a part of making your real estate dreams come true.  

Posted by

Stephanie McCarty              

Berkshire Hathaway HomeServices Georgia Properties

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