The real estate market in Atlanta appears to be following the upswing many of have heard about on the news recently and it‚Äôs high time we spread the word! For the first time in years, parts of Atlanta have seen price increases and sales volume increases. This is particularly true for resale homes and those homes in the traditionally more popular areas on the north side of the city.
As I write this, home sales in Atlanta under $200,000 for the month of July are 2,547 solds vs. 2,390 sold in July of 2008. This is a significant statistic because, we will have more sales than last year for the second month in a row and this also represents the single largest segment of homes for sale in Atlanta broken down by price point.
In June, which is traditionally the highest monthly sold numbers, 2009 sales at this price point far outpaced what we saw in 2008. This year there were 2,679 sales vs. 2344 in 2008. This is a 14% increase in volume. In the popular northern suburbs, this has turned to a seller‚Äôs market with only 3 or 4 months of inventory available to purchase in many cases.
The significance of the year over year sales increase at this price point cannot be overstated. Since this represents 60% of total sales and represents 43% of all homes listed for sale, year over year increases represents more than just a small tick in an otherwise bleak market.
This represents a turning point.
When this is combined with 6 consecutive months where inventory levels have declined and 4 consecutive months where the average home price has increased and we find ourselves wondering whether or not we have actually seen the bottom in the overall real estate market. Continue reading this post