Condo Sales Picking Up, But Inventory Still High
Posted by Ben Hirsh on Tuesday, May 25th, 2010 at 3:19pm.
There are currently 1277 condos for sale in Buckhead ranging from less than $100,000 for a small WWII era studio to $17Million for an amazing condo at Park Avenue. Recent high-profile foreclosures on luxury condo project such as the Mansion on Peachtree may continue to bring a high supply of condos into the market at competitive prices.
During the first 4 months of 2010 there were only 270 condos sold in Buckhead. If sales volume does not increase, then we have 20 months of supply currently on the market, which is about twice as much inventory as I would like to see! Fortunately the sales number have been picking up.
The chart below shows that sales in April of this year averaged a sales price of $229,000 for the 86 Buckhead condos that changed hands. This is a 14.5% increase in average selling price of the same month in 2009 and a 24.5% increase in the total number of condos sold! This is progress:
| Buckhead Condos Sold During April 2010 - 86 Condos | |||||||
| Bedrooms | Full Baths | Half Baths | List Price | Sale Price | Days on Market | ||
| Min | 1 | 1 | 0 | $ 33,900 | $ 29,900 | 0 | |
| Avg | 2 | 2 | 0 | $ 248,436 | $ 229,442 | 121 | |
| Max | 4 | 4 | 2 | $ 978,900 | $ 825,000 | 731 | |
| Buckhead Condos Sold During April 2009 - 65 Condos | |||||||
| Bedrooms | Full Baths | Half Baths | List Price | Sale Price | Days on Market | ||
| Min | 1 | 1 | 0 | $ 42,900 | $ 32,000 | 5 | |
| Avg | 2 | 2 | 0 | $ 211,369 | $ 198,520 | 97 | |
| Max | 4 | 4 | 2 | $ 735,000 | $ 640,000 | 620 | |
If you are interested in buying or selling a condo in Buckhead, then you are going to need a broker on your side who knows the market well and can look after your interests! Contact my office and I will be glad to discuss your particular situation, or start searching condos for sale in Buckhead on our site!
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