Buckhead Luxury Real Estate

Here are the Buckhead luxury real estate market conditions for the first quarter of 2007. The statistics are for all homes over $750,000 and the subset of homes between one and two million, two and five million and above five million dollars.

Currently, There are 151 Homes for Sale in Buckhead Between $750,000 and $1,000,000.

• An additional 20 homes are either under contract to sell or have various contingencies to be removed before they can close.
• 8 have sold in the last 30 days.
• 18 have sold in the last 60 days.
• 26 have sold in the last 90 days.

The absorption rate using data from the last three months indicates that 8.66 are selling per month. This means that it would take almost 17.5 months for all of the current homes to sell if no new homes came on the market.  During the same period of 2006, 29 homes sold. When the final numbers come in for homes sold during this period of this year, there will be little change in homes sold year to year. The point is that the market has not softened because buyers are not buying; it has softened because too many sellers are selling at too high a price.

Let's Look at Buckhead Home Sales Between $1,000,000 and $2,000,000.

• 274 Buckhead homes are currently for sale between $1,000,000 and $2,000,000.
• 43 are working on offers or are scheduled to close.
• 14 have sold in the last 30 days.
• 29 in the last 60 days.
• 38 sold in the last 90 days.

This makes the absorption rate 21.6 months. During the same period of 2006, 52 homes sold in an average of 111 days each. In 2007, the average days on the market is 115. This is a significant slowdown in sales and should be noted as a concern. There are still plenty of buyers available if you would like to sell your home. It will just need better marketing and correct pricing to achieve your desired goal.

Buckhead Home Sales Between $2,000,000 and $5,000,000.

• 136 homes currently for sale.
• 19 more are working offers.
• 1 sale in the last 30 days.
• 5 sales in the last 60 days.
• 8 sales in the last 90 days.
• Average days to sell - 96.
• 14 sold in the same time period of 2006 in 168 days.
• 51 months of supply - I'm not sure what to say about that other than it is too high!

Homes for Sale over $5,000,000 in Buckhead.

• 18 active homes for sale above $5,000,000.
• 1 is pending sale.
• 1 has sold in the last 90 days.
• Not really enough data to give an accurate absorption rate at this price point.

Totals for Buckhead Homes Over $750,000 for the First Quarter of 2007.

• 643 homes for sale.
• 147 pending or contingent.
• 23 sales in the last 30 days.
• 51 in the last 60 days
• 72 in the last 90 days.
• Absorption rate is 27 months.
• Days on market is 103.
• 94 sales in 2006
• 115 days on the market during 2006.

 What Does This Mean for Sellers?

What this means for you if you are selling your home in Buckhead right now is that you need to understanding that the real estate market is quite crowded and you are competing against more homes for sale than ever before.

How Can You Increase the Visibility of Your Listing?

Ask yourself if your is getting the internet presence necessary for your home to reach the largest possible audience across the largest possible area. My bet is that your homes internet visibility is quite low outside of the Atlanta real estate market. Many of Atlanta's finest REALTORS use third party listing services to provide your home with internet presence. Some of these websites include luxuryrealestate.com, Sotheby's and Christies Great Estates. All three of these websites have a purpose and all are very respectable companies. However, it is too difficult to find your home for sale on these websites. What you need is a more targeted internet marketing option. Currently, there are only a very few real estate agents or brokerage firms that can provide you with the marketing you need.

Maybe you would like to see your home for sale in the Wall Street Journal or the NY Times. Do you really think that there are very many people using these as a source to find Atlanta luxury real estate for sale? Think about it for just a minute. If you want your home to be found, it needs to be on an Atlanta luxury real estate website and a Buckhead luxury real estate website. This is the most targeted marketing available - and the internet has been proven effective. Otherwise other real estate agents wouldn't use the three websites I mentioned above.

What Does This Mean for Buyers?

For buyers it is quite simple really. There is no need to complicate this. You have a lot of homes to choose from. It will come down to which home or homes you are most interested in and to the motivation of the sellers to negotiate from a position of relative weakness. Perhaps you should find a home without a strong internet presence! Kidding aside, it really is as simple as supply and demand. The supply is very high - you have more choices. Don't expect these numbers to remain as high as they are for much longer. Many sellers will begin to pull homes off the market without much interest and because many of these owners are also financially savvy, they will re-list for sale when the market suits them better financially. Less homes are entering the market finally and with these changes the leverage will soon begin to swing in the other direction. This means that now may very well be the best time to make a decision to buy a Buckhead home.

Are You Interested in Selling a Buckhead Home?

If you are, I would like the opportunity to discuss with you a high powered internet marketing plan that will create the edge you need to get your home noticed. All homes deserve the excellent traditional marketing agents can provide - make sure you give your home the edge with the power of internet marketing at its finest.

Are You Interested in Buying Buckhead Real Estate?

Let our team and myself provide you with the important information you need to make a good decision about your next home.

Call Our Team at 404.630.3187 to Find Out How We Can Partner With You.

If You prefer, send an email to me personally and I will respond as quickly as possible.

Please visit the link below to see our Buckhead real estate website.

• Buckhead Real Estate

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: