January Metro Atlanta Market Update

January Metro Atlanta Market Update

• Closings for Metro Atlanta in December were up 3.8% compared to last month and down 9.3% compared to the previous year. This reflects a more normal seasonal pattern.

• The Metro Atlanta market was 196 units ahead of 2013 closings which is essentially flat. If you exclude the heavy volumes of investors and REOs in 2013, the market above $200,000 was actually up 12.8%.

• The average sales price was $260,000 in December versus $248,000 in November. The average sale price for YTD 2014 was $250,000 which was up 42% from the bottom of 2011.

• Listed inventory was down 5.3% from last month and up 14.2% compared to last year. Inventory is up 32% from the recent bottom of February 2013. But the limited availability of highly desirable properties in select markets is still driving multiple offers and very quick sales. Remember, real estate is local and specific markets can be very different.

• Months of supply is 5.1 months versus 5.6 last month. Six months is considered normal.

• New Homes are making a comeback. The problem is that many builders cannot build them fast enough!

• Commercial real estate is also making a comeback in Metro Atlanta. Smart RE Data reports that land sales, industrial sales and office leases are improving.

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