East Cobb Housing Market Report 2012

| February 22, 2013 | Reply

East Cobb Housing Market Report 2012

The most comprehensive data on the East Cobb Housing Market produced in 2012. If you are a home buyer or seller in the East Cobb school zones of Walton, Pope, and Lassiter, you need to watch this report. Are home prices in East Cobb increasing? Are the number of sales going up or down? How is inventory? This report answers all of these questions and more.

East Cobb Housing Market 2012

Chart of the home sales in East Cobb housing market of Walton, Pope, & Lassiter high school

Values in the East Cobb are driven by two primary factors: schools, location, and in some cases a combination of the two.  For example, this chart shows the breakdown of home sales by price range, by school zone. It’s easy to see that the luxury home market in East Cobb is dominated by the Walton School Zone when compared to Lassiter and Pope. In fact, Walton had more than 97% of the million dollar market in East Cobb.

This video was filmed in February 2013 and is a result of months of research on my part to gather data on what is actually happening in the East Cobb housing market in 2012 vs 2011.  It’s great information for home sellers as well as buyers who are thinking about buying a home in East Cobb.

There are some search criteria ground rules we need to go over before we get started:

  • Walton, Pope, Lassiter Only
  • Sales over $300k
  • Single family homes only, no townhomes or condos
  • No land
  • New construction is included

There are several new neighborhoods that have come out of the ground recently in East Cobb so I decided to leave new construction in the study even though it might skew the data somewhat.
Data pulled from the FMLS realtor database

DISCLAIMER: I’m not a statistician, so information is believed to be accurate, but is not warranted.

Using the ground rules I have in place above, I wanted to know how many homes actually sold in the East Cobb Housing Market school zones of Walton, Lassiter and Pope.  As you can see on the provided pie graph, Walton has 51% of sales, Pope has 26% and Lassiter has 23% of the 2012 homes sold.   I’ve also broken down the number of homes that have sold, 314 in Walton, 161 in Pope and 144 in Lassiter.

Next I wanted to know the percentage of East Cobb home sales by price range. $300k-$399 represents about 38% of the 2012 sales in the East Cobb housing market, $400k-$499 represents about 21% of the market, $500k-$599 represents about 18% of the market.  The smaller pieces of the graph are the higher tier price ranges, above $600k, where you’ll notice less and less market share in those price ranges.

This graph breaks down the price ranges by school itself. As you can see from this graph the $300k-$399 price point is very common in Walton, Lassiter & Pope school zones.  You’ll notice as the price increases the sales inventory decreases significantly in all school zones.  In the Lassiter district, for example, there were only four sales between $700k and $799k.   The Walton district in the same price range had 14 sales. You make your own assumptions and draw your own conclusions based on what you see here, but the one thing to note is that only one $1M plus properties sold in Pope and zero sold in Lassiter.  So if you’re going to spend $1M or more your best bet is to buy in an area where there are plenty of million dollar sales to support your purchase.

This slide shows the 2012 East Cobb Housing Market sales by month and the average days on market. January is the low of home sales and peaks in  June. A gradual tapering can be seen to December where home sales are less frequent than summer.

According to this graph, March is when things really start to ramp up with double the sales of January. March is a good time to get your house on the market.  The lines connected by the dots represent days on market, and as you can tell the busier the month the less marketing time needed to sell.

Was there a clear winner in the East Cobb Housing Market between 2011 and 2012? The first quarter saw a 7% decrease in sales for 2012.  The second quarter brought an increase in sales for 2012 by 29%, a huge boost in the right direction for East Cobb.  Third quarter saw a more modest increase of  4.5% over 2011.  The fourth quarter is where we see a significant increase at 43% more home sales in 2012 than in 2011.

The average sales price by school was something I was interested in so if you’re selling or buying this is definitely information you’ll need to know.

Starting with Lassiter in 2011, the average home price was roughly $460k and in 2012 $454k which is a decrease of 1.2%.  In Pope the average sales price for 2011 was $466k and in 2012 was $474k which is an increase of 1.7%, not a huge gain but a gain nonetheless. In Walton the average sales price in 2011 was $526k and in 2012 was $572k which is the most increase of all at 8.7%.
While it looks like Walton had big gains in sales price, they also had a big gain in a particular price point that would bring the averages up.

Here is some cool stuff you may want to know – “water cooler” talk if you live in East Cobb.
The $1M+ market went from 12 sales in 2011 to 34 in 2012 – Walton had 99% of those sales, the other 1% was in Pope.

A sellers market has officially been declared in the East Cobb Housing Market by many real estate professionals, including me.

24% of the East Cobb homes (using the criteria set above) sold in less than 14 days.  29% of those sold for more than list price, which means they had multiple offers.  The secret to buying a home in East Cobb:  if you find a house you love you need to pounce on it or it will disappear.

The inventory is at a record low in East Cobb – the pristine homes are selling quickly.

Home sales in East Cobb are up 10% in 2012.

The number of listings is down 10% in the East Cobb housing market. This creates an inventory problem, homes sales are up and inventory is low which causes the price to increase on homes.  I predict in 2013 home sales prices will go up 10% in East Cobb – just my prediction.

I have some resources for you if you would like to dive deeper in the East Cobb Housing Market. For starters, you can follow my video blog at www.terryburger.com.  You can also check out my zillow.com profile.  I also have a youtube channel  as well.   If there is anything you need feel free to give me a call me and I would be happy to help you out.

 

Links to check out:

http://rismedia.com/2013-02-07/home-prices-in-2012-best-year-on-year-gain-in-six-years/

Tags: , , , , , , , , , ,

Category: East Cobb Real Estate, East Cobb Realtor, East Cobb realtor videos, Listing Your East Cobb Home

Leave a Reply