Dec
13
State of the Market
Posted by Jessica DeWeese under For Buyers, For Realty Professionals, For Sellers, Marketing Reports, Georgia
We are constantly hearing from the media how much the real estate market is in trouble right now, and that it’s only going to get worse. How true is that? Have we hit rock bottom yet? What do we expect the market to do in 2008?
While I don’t have all of the answers to our current market conditions, I can definitely provide some insight into what the real estate arena looks like in the Metro-Atlanta area compared to where we were this time last year.
Fayette County:
2007 2006
Average Sales Price: $295,000 Average Sales Price: $294,000
Average Days on Market: 108 Average Days on Market: 99
Months of Inventory on Market: 14.8 Months of Inventory on Market: 10.2
CowetaCounty:
2007 2006
Average Sales Price: $222,000 Average Sales Price: $204,000
Average Days on Market: 106 Average Days on Market: 98
Months of Inventory on Market: 13.3 Months of Inventory on Market: 9.5
FultonCounty:
2007 2006
Average Sales Price: $265,000 Average Sales Price: $287,000 Average Days on Market: 88 Average Days on Market: 75
Months of Inventory on Market: 20.2 Months of Inventory on Market: 11.1
Summary:
On average, sales prices are up a bit, days on the market are up, and we have more homes (inventory) on the market. Although we do have a lot of inventory on the market, this includes a record number of foreclosures which are being “scooped up” by smart investors. This, coupled with the hustle-bustle of a spring market could reduce the number of homes sitting on the market quite a bit. This is what we need in order to pull us out of this slump. All in all,
Atlanta is still a strong real estate market to invest in! Even during this real estate “recession,” we have still had gradual price increases, and not the drastic drops in value that other markets across the country have witnessed.
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