Market Update For Atlanta
Posted Apr 30, 2008 @ 9:32 am, Viewed by 105 Visitors, Read 118 Times.As a consumer there is no question - the market is down. But, what does that mean, how does it affect you and what is the most important indicator? Well, there are lots of long winded answers with plenty of nuance and different people might give slightly different answers. To me, and I think to most, the most important part of the market is what the value of homes are and where they are trending. Most of the other things like supply and demand, the amount of foreclosures, pending sales, absorption rates and the like all filter in to the bigger equation of value. So here in Atlanta, the value of homes are down. Way down. Here is a chart going back a year showing the value of Atlanta real estate which has been on a steady decline.
I think this chart pretty much sums up the market here in Atlanta better than anything else that I can point to. Everything else mentioned above is a contributing factor to this chart and it does not look good from a seller's perspective. So the bottom line is prices are going down and I don't think we have reached the bottom. There is nothing to indicate a leveling off. Pending sales, the leading indicator of future trends is unchanged over the last few months and supply is still on the rise so we aren't getting out of this mess anytime soon.
More to the Story
So that's a look at Metro Atlanta here are a couple of other Charts.
Sandy Springs:
Note the trend line with increasing values
Roswell in Zip Code 30076:
This goes back 2 years
What Happens in Metro Atlanta May Not Be What's Happening Near You
I wanted to insert these other two charts to illustrate a very important part about real estate. It's Local. Very Local.
What you see happening to the Atlanta real estate market is very important, but, more important is to look at not only the Metro market, but, your more local market. Viewing one without the other would be irresponsible consulting in my opinion so when you think it's time to buy or sell, get the facts.
Ryan is a REALTOR® serving the Atlanta Real Estate Market including Alpharetta, Buckhead, Chastain Park, Dunwoody, East Cobb, Roswell, Sandy Springs, Milton and John's Creek.
Phone: (404) 630-3187
Atlanta Real Estate
ryan (@) ryanwardrealestate.com
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Thank you. If you break it down by city around here, it's all over the map. I imagine that holds true everywhere.
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Good point Ryan, sometimes even the local city data doesn't cut it. Like you said it is local, even hyperlocal. If your particular subdivision is hot, it doesn't matter what the rest of the market is doing. Too often people pay attention to the national news and think that doom and gloom equates to their particular situation. This is not always true and you illustrate that well in this post.