Atlanta real estate continues to send mixed signals with home values declining for the overall Metro Atlanta market while certain areas on the north side of the city realizing small, but steady price appreciation. The driving factors continue to be constrictions in lending guidelines and high supply.
The absorption rate for Metro Atlanta is 13 months supply of homes. Year over year closed sales are down about 36% with an average price of $240,100 which is down 8.5% from this time in 2007 and also lower than 2005 or 2006. It would be easy to look at these numbers and see gloom and doom, but, it’s important to look deeper at the market to get a better sense of what is really happening.
In a previous post here, I wrote about the importance of looking at hyper local statistics, but, broad statistics are essential for comparing what is happening in the smaller markets.
However, they don’t tell the whole story.
Some areas within the city are skewing the numbers down considerably so on its face the whole Atlanta real estate market appears to be in bad shape when that is not entirely the case.
Worst hit has been Continue reading this post