Atlanta’s Housing Market on the Rise
Posted by Matt Brooke on February 17, 2014
If you are looking for some good news in Atlanta’s housing market, this is it. According to the latest market brief from the Atlanta Board of Realtors, the median sales price for home sales in December 2013 showed a 21.0 percent increase from December 2012 and a whopping 64 percent increase from December 2011. Atlanta’s housing market is officially back!
The ABR (Atlanta Board of Realtors) Market Brief is designed to offer an overview of the Atlanta residential market by providing a synopsis of sales, home prices and foreclosures. The data covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, and Paulding.
“We believe the increase in prices and sales during the traditionally slow holiday season is a good harbinger for the spring selling season,” said 2014 ABR President Todd Emerson. “We expect these statistics to begin rising as the warmer weather arrives, but this reversal of the downward trend established over the last several months is a welcome change. With inventory still at historic lows, we expect prices to continue rising with increasing demand.”
Perhaps most encouraging of all, though, was the quality of those single-family home sales. Just 6 percent of all sales were for REO properties, or real estate owned/bank owned properties, a remarkable decline from the 47 percent market share of just two years ago.
If you have held off on renovation because of concern in getting the value out of your home, you can start to put those concerns to bed. Home values are rising and there is an unprecedented low level of housing available. Put in that long dreamt about kitchen or bath. Explore that family room addition. Enjoy the space you create now and be confident that your equity and investment is going up.
December Notes
- Single family residential sales in Metro Atlanta totaled 3,394 in December 2013.
- Annually, this is an increase of 1.9% compared to 3,331 total sales in December 2012.
- Monthly, this is an increase of 9.4% compared to 3,103 total sales in November 2013.
- The Median sales price for December 2013 was $196,000.
- Annually, prices increased 21.0% from December 2012.
Monthly, median prices increased 8.9% in comparison to November
