Atlanta Real Estate Market Update Jan 19th Edition
Overall the market is still hot! It’s still heavily on the seller side for price ranges under $300,000 for most area and under $200,000 for more rural areas.
Average number of home sold per month is down and the overall months of inventory (absorption rate) is up to 3.5 months which is up about a half month. This means it still favors home sellers but that inventory levels are increasing.
Gwinnett is now into the 4+ months of inventory of homes for sale and this increase of the overall county means that some areas are back to a balanced market. In fact, most home owners over $300,000 can expect a fierce competition with home builders and other sellers. The time to sell in Gwinnett is RIGHT NOW, not Spring and definitely not summer. Jarvis Team is predicting and slight correction for some neighborhoods due to the new construction pricing competition.
Fulton County Homes
All of Fulton county is showing much of the same as the others. Fulton is harder to predict as areas such as Buckhead are still extremely hot while southwest Atlanta continues to be good but not “on fire.”
Forsyth County Homes
With less then 1,000 homes, it’s safe to say South Forsyth is still “on fire.” While builders are trying to keep up with demand, anyone thinking of selling should consider doing so now, but have more time to work with then say Gwinnett County.
With PMI going down on FHA loans, a new 3% down program from Fannie Mae and interest rates on the rise, now may be the best time to buy for 2015. Sure prices have been lower, but the interest rates are what make this time period so affordable. Once that rate starts ticking up it might be decades before we see it that low again.
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