Our friends at Realtor.com shared some interesting trends recently about economic conditions and housing in Georgia and the nation. Click the link below to view the slides.
Economic and Housing Trends for 2016
The following is an overview of the real estate market in Metro Atlanta through January 2016.
On Ground Hog Day, General Beauregard Lee did not see his shadow which forecasts an early spring. Our company is having a very fast start to 2016 with pending sales up over 20%. But the market as a whole is relatively normal compared to last year.
- Closings for January 2016 were up 1.4% versus January 2015 – statistically flat.
- The average sales price for January was $258,000 which was down 4% from last month and up 8% from last year.
- The listed inventory for January was down 4.3% from last month and down 4.6% from last year. But the limited availability of desirable properties is still driving multiple offers and very quick sales in select areas.
- Overall months of supply for January was 5.6 months versus 3.6 months in December and 5.9 months last January. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 22 months and properties over $2 million averaging 41 months.
- The latest Case-Shiller Index (1/26/16) reports that Metro Atlanta home values are up 52% from the recent bottom of March 2012 and up 5.6% from last year. Increased homes values are getting some sellers back into the market.
- Visit HomeServices Lending at Georgia.HomeServicesLending.com for the latest mortgage rates. The Mortgage Bankers Association predict rates over 5% in 12 months.
- New Homes are moving fast – but many builders cannot build them fast enough for the demand. Visit NewHomesServicesGA.com to view new home communities.
- Commercial real estate is also making a comeback in Metro Atlanta. Our Commercial Real Estate Division specializes in these areas and would be happy to help you.
We would be honored to assist you or someone you know with their real estate needs. We are experts in the local market and have access to proprietary information sources that are not available to the public. Better information leads to better decisions!
