The Midtown Condo Market is Hot Hot Hot
Living near or on Piedmont Park is a huge deal in Midtown. Everyone is trying to achieve their ideal life
work balance with an active lifestyle. Condo living in 30309 is at the heart of
that lifestyle with everything within walking distance. Several of my clients that have purchased
here recently don’t even own a car. With
Uber, Zip-car, and many other transportation options this is becoming more than
a fad but a solid trend.
Current Market Trend
The last 90 days have seen some dramatic changes in the midtown
real estate marketplace. Atlanta Metro as a whole saw over a 15% increase in median
sales prices in 2014. In Midtown, We have seen a 7% increase in the median sold
price in just 90 days! (This is based on
all of the 2 bedroom 2 bath condos sold in the last 90 days.)
Very Tight Supply
Of the 2 bedroom, 2 bath Condo homes in the Midtown 30309
area in the last 3 months, 59 homes have sold and 33 are currently on the
market. Plus, 18 new listings came on the market. This means there is 1.7
months of inventory in the market today. A balanced market is defined as having
5 - 7 months of inventory, while a seller’s market has less than 5 months of
inventory and a buyer’s market has more than 7 months of inventory. As you can see with only a 1.7 months’ supply of available
condos we are deep in a seller’s market.
Competition Yields Results
With only a 1.7 months’ supply of available condos it is not
surprising to see the above graph. Sold
Price v. List Price of greater than 96% is a strong market indicator especially
with a 90 day trend of over 50 sold.
Timeline
Days on Market under the 90 day average shows a solid
market. If the DOM was much lower it would indicate a over-heated market trend that would not be sustainable. Over 100 days indicates a stagnant market trend.
So What Does All This Mean as an Owner
IF you have been thinking about selling your midtown condo
now is an excellent time to do so.
Midtown is in a deep seller’s market which allows for greater competition
between buyers. This always has great
upward pressure on prices. Multiple
offers and bidding battles are possible where the seller always wins. We would love the opportunity to talk with
you about how this market might play into realizing your real estate goals just
give me a call at 404-353-9233 or E-mail .
For full
details of your neighborhood's 90 day market trend visit MyIntownHomeValue.com This
is a really cool interactive report that shows everything going on in your
community market wise (or the one you want to move to) Like a 401K report for
your home. Best of all its free and no spam!
So What Does All This Mean as a Buyer
Buckle up, It is going to be a bumpy ride. You need to hire an excellent Buyer’s Agent
with in-depth market knowledge that will make sure that you have real-time
alerts on homes as they hit the market.
Those are the buyers that succeed in a seller’s market. Call me and I will help you find the right
lender for you to reach your real estate goals. Once we have your loan secured;
then I will help you find your 'Ideal Home.' Best of all my services as a Buyer’s
Agent are free. A Buyers Agent works for you, their loyalty, confidentiality,
and fiduciary responsibility is to you, but paid for by the home-seller. They
agreed to pay a buyer's agent commission when they listed the home for sale
thus free to you. Give me a call at 404-353-9233 or E-mail and I will be happy to send
you my guide to home/condo ownership that explains how the process works, how I
make it fun & painless for you, and why NOT having a Buyer’s Agent can cost
you thousands.
Bill Forrest is an Associate Broker with the Common Ground Real Estate Team a Division of PalmerHouse Properties. He has over 20 years experience in the industry Click Here to learn more about Bill
