Real Estate Market Expectations for Alpharetta Georgia Area

Have our Expectations for 2009 Come True So Far?

If you remember from our Real Trends January predictions, we said that our North Atlanta Real Estate Market (Alpharetta, Cumming, Duluth, Johns Creek, Milton and Roswell) for 2009 will see an increase in transactions over 2008. We’ve actually started out a little slower than economists projected. From January to April 2008 there were 1,461 homes sold in North Fulton and Forsyth. In that same time period this year, 2009, we’ve only sold 969 homes in the same area. That’s a 33% decrease over last year. The good news is pending sales were up in April over the prior year and when the reports come out, I think we will see that they are up for May as well.  We have 647 homes pending sale as of May 21, 2009. Some of those may be short sales or lease purchase deals that can take a while to close, but if even 80% of them close, 517, that gets us to 1486. Only time will tell how the rest of the year treats us, but economists seem optimistic about the economic forecast for the rest of the year which will help increase sales. US homebuilder sentiment is up as well and we can see that there is a great deal of new construction pending.

Real Trends had predicted a slight decline the first part of 2009’s market and then a slow recovery. We’ll keep you posted on that one! Let’s hope pending sales continue to improve. Now really is a great time to buy a house!

We also advised that 40% of sales will be distressed properties and that is pretty close to the truth. It varies by month and by price point but is at least in the 30% range. 35% of our sales were supposed to be first time home buyers but I think that is lower so far. It’s a hard number to calculate but in this area, we aren’t seeing that high a percentage of first time home buyers. So, if you know anyone that should be taking advantage of the $8,000 tax credit, please send them our way!

Economists are still predicting that we are bottoming out which is good news. We’re ready for that upward trend again, aren’t you? As always, we’ll keep you updated on the latest trends and if you have questions, please don’t hesitate to call or email us! We’re ready to help you with…

Fresh Ideas, Fast Results!

Sherry & Maria Team
Sherry 678-283-1710
Maria 678-548-5513

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