Buckhead Home Sales Start Their Climb
Posted by Ben Hirsh on Thursday, April 7th, 2011 at 4:24pm.It seems every day now that I see signs of the economic recovery starting to take place and I am excited to report that the recovery seems to have started in Buckhead real estate. Anecdotaly, business has been booming and our clients have been thrilled to be able to take advantage of the incredible prices and interest rates available, but I now I have reliable statistics to report that indicate a rise in the market.
The noticable decline in inventory of available Buckhead homes has caused much greater competition among buyers. In fact, it has been 2+ years since I have seen the level of buyer competition that I am seeing today (see my February blog post about the market heating up).
As the chart below shows, there were 172 homes sold in Buckhead during the 1st quarter of this year, a nearly 17% rise in the total number of sales. As expected, home prices are being much slower to rise, with only a $6000.00 increase in the median Buckhead sales price.
Yes, you could argue that this is a temporary rise in the market, but comparing a full quarter from year-to-year gives a very good indication of which way the market it headed and I feel very confident that we have hit bottom and started the slow road back up!
If you are thinking about buying or selling a home, then please give me a call and let's get started right away!
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Share2 Responses to "Buckhead Home Sales Start Their Climb"
Hi Greg, true that there are many ways to look at the same data. Another major trend that I have noticed over the last six weeks in Buckhead is the fact that lot sales have increased exponentially. This indicates that a lot more new construction should be coming over the next year. Also, I have talked with several local builders who say that they have not had so many tear-down jobs in years. Most of these will be custom builds, so they may not all show up in home sale statistics....but I think this is a great sign of strong fundamentals.
Posted on Tuesday, May 10th, 2011 at 5:59am.
From the data you presented you could surmise that the market may be headed towards better days. But unfortunately, this only tells part of the story. Foreclosures and short sales continue to make up over 50% of pending sales in Buckhead, so even more homes may be closing, it isn't necessarily good news. Additionally, inventory levels from February are actually up in every price range except over $3 million. Increased inventory, coupled with the price-dampening effect of so many distress sales, will continue to apply downward pressure to prices for several months.
There is currently anywhere from a 9 month to a 4-year supply of homes available in Buckhead (depending on price rang), signaling a continuing strong buyers market.
Posted on Tuesday, April 12th, 2011 at 1:46pm.