Wednesday, August 11, 2010

Atlanta Real Estate Market Condition/ 2nd Quarter 2010

The numbers are in and have been crunched and we have a pretty good snapshot of how the Metro Atlanta market is doing. On a bright note, my company, Keller Williams Realty became the number one real estate company in total sales in Metro Atlanta last quarter. WooHoo! Keller Williams has been increasing market share every year since 2005. I'm so proud.

While sales through last quarter rose above 2nd quarter of 2009 by +4.5%, they were still -5.7 lower than the 2nd quarter of 2008. The government home buyer incentives added to the 2010 sales growth during the first 5 months of this year. Now that these incentives have expired, we will watch with baited breath to see how sales go for the remainder of the year.

There was a big gain in number of sales in the $300,000-499,000 price range- those sales rose by +17% last quarter compared to 2nd quarter 2009. We also saw the percentage of foreclosure sales decline in this year's 2nd quarter after increases the previous 2 quarters. We hope that foreclosure sales will continue to decline to help the overall market improve and gain in sales price. Still, more than 1 in every 3 sales last quarter were foreclosures. If you add short sales into the mix, nearly half of all 2nd quarter sales were distress sales. Now you can see why your home's market value has not skyrocketed (to say the least).

However, the median sales price last quarter did rise by +6.1% compared to the same quarter last year. With 2 consecutive quarterly increases in median sales price, it appears that the bottom may have already passed and more stable pricing has returned. For all you buyers waiting for the bottom- you may have missed it, but there are still GREAT deals out there. When you factor in the lowest interest rates since prehistoric man decided to mortgage caves, it is still possibly the best time in history to buy.

For a more in-depth view of what is happening to real estate values in your neighborhood, please contact me for a free consultation. I have the numbers broken down by specific areas and neighborhoods and can help you understand how the national and local markets may be different than your own area of town. Also, I will be happy to show you what you can expect to get for your home and how long it might take to sell in today's market.

Thanks for reading my blog. I really appreciate your support.

1 comment:

  1. Congrats to you and to Keller Williams for last quarters great success! I've worked with several Keller Williams agents and love them all.

    Kathy Nielsen
    Georgia Interior Solutions, LLC