Monday, March 25, 2013

Real estate update

by Judy and Stephen Perras
via Medlock Matters

Good News!
2012 was the best year for real estate since 2006. The spring market started early and activity did not let up until year end. Spurred by the lowest inventory levels in years and coupled with continuing record low interest rates and the return of buyer confidence, the market saw increases in both volume and price. Sales of detached single family homes in the metro area increased 9% over 2011 and prices were up 5%. Active inventory dropped 44%.

Wren wisdom:
"Small houses never
stopped any of us from
spreading our wings."
Our neighborhood has seen— and continues to see—multiple offers on many homes bidding up the final sales price. Homes that show well and are priced appropriately are selling fast. Demand for in- town homes in convenient, desirable communities like ours is strong.

In this area, we did not feel the impact of the 2008 crisis until 2010 when a few foreclosures and short sales started showing up. 2011 was a tough year with home prices hovering around the 2001 level. In 2012 we rallied and prices are moving back up. 78 homes were sold in the MANA area last year with prices ranging from the low $100’s for a foreclosure to $272,500 on the high end. Foreclosures and short sales are now in decline. The demand for rentals continues to be strong.

In short, the Atlanta metro area is transitioning to a seller’s market—especially for in-town homes priced under $500,000— our neighborhood. And that’s the good news!