Midtown Atlanta condominiums come in all shapes and sizes. We used to say prices, but that is changing as it becomes harder and harder to find homes unde $200,000.
Let's look at the market for last month.....
Active Listings (As of June 20, 2018)
You here in the news....about low inventory in the housing market, and how it's affecting prices and Buyer's ability to find a home? Here is the perfect example....a mere 25 listings on the market in Midtown Atlanta in the price range of $200-300,000! WOW! But note another interesting fact....the lowest priced listing is $259,000! Big gap there! In fact, there are just 13 listings in the $200,000 or less price range...so a $59,000 gap in the pricing there.
Pending (Under Contract) Listings
Buyers have grabbed what they could! 63 homes are Under Contract and fill the range of our report in price. We pull homes that specifically went Under Contract in the month of May, so the actual homes Under Contract may be higher...we are just trying to "snapshot" the market for May, 2018.
53 homes SOLD and closed in May, 2018. Note the minimum list price was $199,900 and the highest list price was $312,500. But, the average Sales Price for the range was $247,208. Clearly there was some negotiations that happened! There were not that many homes that sold on the higher end of this scale, and as a result, we have the average we have.
This is a very intersting price point, as it's very much an entry-level price for many Buyers. But the limited inventory will make those Buyers scramble to get a home, or have to be creative in making an offer, as we are still seeing multiple offers on properties. And with cash buyers still in the market, that buyer seeking financing (and not in a position to waive an appraisal contingency in most cases) may still face challenges.