Midtown Atlanta Condo Market Report | July 2015 Less Than $200,000
In looking at the sales activity for Midtown Atlanta, you will see how the inventory of active listings is much lower than it has been in years past. Midtown Atlanta Condo buyers scramble when a home comes on the market, as there is such limited inventory in many of the most popular buildings.
But let's take a look at the activity for Midtown Atlanta condominiums priced at $200,000 or less.
In the Midtown area (as defined by Area 23 from First Multiple Listing Service) there are 109 condos For Sale, with a minimun price of $69,900 and the highest at $199,900. These number include all bedroom counts.
Pending (Under Contract)
In July, we have 25 condos Under Contract ranging in list price from $105,000 to $200,000 with the average being $169,784.
What is most interesting to note here is the Number of Days on the Market! In scanning the report in detail, you find a majority of the listings being on the market less than 30 days, and many are in single digits with 3, 4 and 6 days on the market. Why yes, it IS still a Seller's Market!
Those listings that end up showing a longer time on market will either show a minimal movement in price (Seller would not make price adjustments so their home sat on the market longer to find a buyer) or they may be in a location that is not as desirable as other homes.
I tell all Midtown Atlanta Condo Buyers to be ready to jump with your lender pre-approval, shorter due diligence, more earnest money and even a shorter closing date to make sure they are on the top of what usually ends up to be multiple offers on many listings.