Well, like most places, the Atlanta real estate market doesn't seem to be seeing the usual spring increase in pendings and you know what that means - more listings will come online and that will continue to make the market unbalanced with higher than usual supply and lower demand to make it worse. I was certainly hoping that we would see an increase in pending sales by now as an indicator of future trends, but, it just isn't happening. Here is a chart I made showing what actual values have been doing over the last year in Atlanta:
Ugly would be the way it looks to me. Lower prices will eventually make buyers feel there is value in homes once again, but, let me tell you how many buyers I have talked to in the last 3-4 months that simply look at homes here in Atlanta and say to me how overinflated prices are.
At the end of the day, THEY dictate whether values are in fact overinflated. No one else. Until they feel better, we will probably continue on this trend.