Atlanta Real Estate Market Update

A quick update to the goings on in the Atlanta real estate market are in order as we start heading in to spring. This is the time of year for tulips to peak their budding leaves out of the ground and even more of them to get pushed back down by an ever growing number of real estate for sale signs. This year expects to be no different than in years past from that perspective, but, there is the potential problem that much of the left over inventory from last year that remains on the market combined with new inventory may cause a continued oversupply of homes.

Time will tell if that happens. for now it does in fact seem that there are a growing number of interested buyers beginning to land on some homes with more interest and more are jumping in and kicking tires. This could potentially help keep the inventory from skyrocketing, but, we will need interest rates and continued buyer interest to break the cycle of a declining market due to an over supply of homes.

Some markets in Atlanta are in terrible shape. I cannot lie and won't sugar coat it. The worst place to be right now is in a condo or townhome if you are trying to sell. Condo sales are down 49% from January of 2007, prices are down 6.5% and there is a 4 year supply of new construction condos and townhomes on the market. many new planned buildings have been canceled and put on hold because there was just no way they were going to sell.

Prices are down for single family homes as well. The average price for single family detached was $246,833 in January. This is the lowest reported monthly average since 2006’s average of $240,844. This is also $44,000 lower than the all-time high for single family detached, which was $285,078 in June 2007. these numbers come directly from Steve Palm of Smart Numbers - the company that provides statistics to the FMLS.

The bottom line here is that we are in a down market, that there is no doubt. all is not lost for you in the Atlanta real estate market, but, you better have the best marketing available if you stand a fighting chance in this real estate market. To accomplish that, you will need to abandon your traditional tried and true methods of selling real estate that worked in the last century and partner yourself with an agent like myself who has embraced and excels in marketing to today's buyers.

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