Thursday, January 17, 2013

2012 U.S. & Atlanta Real Estate Market Performance Results

In the U.S...

We are encouraged by the positive signs as we rebound from the impact of the recession.  The National Association of Realtors reported that existing home sales continue to improve with low inventory supply pressuring home prices.  We are seeing more and more that people are taking their lives off hold as they gain more confidence and see job growth. People move for lifestyle – they continue to get married and have children indicating there is a demand for housing. The lifestyle reasons of home ownership have never gone away.   What we are also hearing is that sellers are pricing their homes closer to where they need to be at the start, which is a change from the previous years when sellers still did not understand the change in the market.  Buyers are still waiting for prices to fall further, but this is a mistake.  If a buyer is interested in a home they should make an offer and negotiate with the seller. Sellers are receiving multiple offers on homes that are priced according to the competitive market. If a buyer waits on the sidelines, the likelihood is they will be disappointed to learn that the house they were interested in has sold to another buyer.   

In Atlanta...
Data provided by the First Multiple Listing Service* illustrates that homebuyers in Atlanta have returned to the market!  December YTD sales of 52,030 homes are running 8.2% ahead of last year’s YTD sales of 48,097 homes.   Homebuyers have found that there is an under-supply of homes to choose from as FMLS illustrates that total inventory of properties for sale in December 2012 was 13,499 down 23.7% from 17,684 in December 2011. This lack of supply has created pent up demand for properly priced homes, in the right location and or school district.   We have also seen investors return to the housing market, and traditionally they are able to make cash offers.   An increase in demand and decrease in supply is slowly pushing prices upwards in several Atlanta submarkets, according to FMLS, the average sales price in December was $230,613, up 38.1% from $166,930 in December 2011. December 2012 Average Sales Price was at the highest level compared to December of 2011 and 2010.
*Includes Cherokee, Cobb, Clayton, Dekalb, Douglas, Forsyth, Fulton, Gwinnett, and Paulding counties

If you or anyone you know is looking to sell or buy a home, contact me 404-857-2508. As always, I appreciate your referrals :-). Talk to you soon and have a blessed day!
Natasha Liburd Bazile is a Realtor with Coldwell Banker Atlanta and the Lead Home Stager with Heart of Decor in Georgia (virtual services available). She prides herself in being a guide to her clients and finds fulfillment in helping them achieve their goals.

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