Atlanta Real Estate Inventory Down 39% in March 2012 Over 2011

| April 19, 2012 | Reply

Some great news for the Atlanta housing market came out today, and it’s finally good news!  The Atlanta real estate inventory is ranked 8th in the country for the greatest decline  for March 2012 vs March 2011. And according to the article linked below, it’s the largest city with the highest decline in inventory.

Reduced Atlanta real estate inventory, increased sales, and average prices are starting to show a move from a typical buyers market to a balanced market in East Cobb, Roswell, and Alpharetta. In town markets are also hot with the scales leaning in the seller’s direction.  The absolute best time to purchase was 2010, but prices are still low compared to the peak in 2006. They are starting to rise however, so buyers really need to get engaged in the market. My own listings are being shown at least 7 to 10 times per week in East and West Cobb. In 2009, I was lucky to see seven showings in a month.

New construction is absolutely booming in Johns Creek, Milton, East/West Cobb, Alpharetta, and Roswell. Many builders are clearing land in preparation to build in just about every area of North Atlanta. When builders re-enter the market, it marks the end of the housing depression to be sure. Based on my quick calculations sales are up 4% or more in many North Atlanta suburbs, and prices in some areas are going up. Inventory is being reduced at a rapid rate because of an increase in relocation buyers, better consumer sentiment, pent up demand, and historic low interest rates.

A pickup in the jobs market will only fuel a quicker recovery. According to the Bureau of Labor Statistics, the college educated unemployment rate is 4.2% in March of 2012.

I’ve read a couple articles where economists are predicting housing starts will double by 2014. See the article below. For those shopping now, be expected to pay closer to asking price for a pristine property. There are 2 benefits to buyers in North Atlanta today. 1) You’re getting in on the next upswing in values, and 2) prices are still at pre-crash levels. Hopefully not for long however.

http://www.housingzone.com/industry-data-research/uli-survey-38-economists-says-housing-starts-will-double-2014

Top 10 housing inventory drop here:

http://lowes.inman.com/newsletter/2012/04/19/news/185257

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Category: Atlanta Real Estate Statistics

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