The Atlanta real estate market has been soft for while. Thank goodness listing inventory is finally moving off its peaks, but it is still very high with over 71931 Active listings in all classes. Due to sellers being upside down, there is a lot less real inventory than there appears. Currently, the Atlanta market is off 15% in sales price from last year. Chronic overbuilding, speculation, e-z credit with no money down, foreclosures, and 10.7% unemployment levels in Metro Atlanta has cooled our market off considerably. Recovery is still a bit down the road. In spite of this... I noticed activity is picking up a bit, and our May/June closings were as good as any in our best years. Prior to May/June we had a long drought preceding this for closings. Our most recent activity for our business is mostly buyers from the Internet, and overseas. The most recent real estate activity in the Atlanta metro area...in my opinion was a delayed spring market that never occurred.
In the second half of the year I predict inventory will stabilize further, and sales will remain flat due to the high unemployment rate. I also believe many real estate companies will fail. There are not enough sales or revenue streams to sustain them. Many real estate offices that relied on the rents from insurance companies, attorneys, and related services or affiliated business arrangements...have found themselves high and dry as these tenants moved on.
- Active - 42846 Properties Found Single Family Detached Atlanta Homes for Sale
- Contingency w/Kickout - 57 Properties Found Single Family Detached Atlanta Homes for Sale
- Contingency - Due Diligence - 454 Properties Found Single Family Detached Atlanta Homes for Sale
- Contingency - Other - 330 Properties Found Single Family Detached Atlanta Homes for Sale
- Pending - 7177 Properties Found Single Family Detached Atlanta Homes for Sale
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Jim,
Keep in mind when there is 11% unemployment, there is still 89% employment...And unemployment takes time to turn around...!!! Thanks, Fran
Here in Temecula (Southern California) the inventory is gone!!! There are multiple offers on everything including Short Sales. If you are lucky enough to get a standard sale you will get multiple offers in a day. San Diego County is the same. Maybe there is a light at the end of the tunnel.
Jim - Great insight on your Atlanta market. It sounds like there will be tough times around all of us, but I do think those folks who make it through will come out stronger on the other end. And those buyers buying now will be very happy 5 years from now.
Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) I like your attitude Fran! That is a very positive way to look at things.
Sandra Paulow, Associate Broker, GRI (Aspen Properties, Inc. in Pinetop, AZ.) I am with you Sandra!
Linda Land (Tarbell, Realtors) That is very positive and upbeat! Thanks for sharing.
Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate (Owner - RE/MAX Affiliates) I think it is a great time to buy. We are getting some great deals for our buyers.
Im sure the first time home buyer market in your area is hot though right? Our first time home buyer market is moving from a buyers market to normal.
Heather the Realtor. Orlando & Lake Mary First Time Home Buyers & Luxury Homes (RE/MAX Central Realty) 2 of our sales were first time buyers, with the number of layoffs...it is not as strong a market as it could be.
Jim, Our market is better than most but it is still down and we have our fair share of foreclosures and short sales. Personally I'm having a great year but I'm mainly a buyer's agent by my choice.
Hi Jim
The Florida real estate market has really picked up, sales are increasing.
Good luck and success.
Lou Ludwig
Marchel Peterson Spring TX Real Estate E-Pro ABR (Results Realty) We have switched hats to work as buyers agents in this market. That has made a major difference. My friends that are carrying listings are singing the blues.
Lou Ludwig CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO, (Ludwig & Associates) Lou that is incredible news. Let's hope we keep up the momentum.
I am really curious to see how the second half of the year is going to go. It is quite possible, due to the looming expiration of the home buyer tax credit that sales could strengthen as we approach the 12/1/09 deadline.
Mark MacKenzie Real Estate Planning I agree with your thoughts...I think there will be several components that play into that equation.
Jim - First, I'm not sure there are 71931 active listings in the entire state of Kentucky. In Louisville and the 20 something surrounding counties, we have less than 10K. While sales are still off ytd, we have had a couple of strong months recently. Like you and Mark, I'm interested to see how the looming expiration of the tax credits affects sales. I imagine new home construction will slow soon as builders cannot commit to completing new starts before Dec 1.
Jim, In years gone bye, the latter days of August have been great. This year, very slow!
Erik Hitzelberger, --Louisville-Bullitt County Real Estate (RE/MAX Alliance) I envy your numbers. This includes 25 counties, but keep in mind sales from the peak are still off over 49%. It will be very interesting to see how the year plays out. No one can predict a trend from one month comparisons.
Paul Henderson, Realtor ® Lacey & Dupont Washington homes (RE/MAX Professionals & Four Seasons Inc.) I agree, in my books, I would mark it off as "Dead!"
Hello Jim, thanks for sharing what you see in your market. Here in Vancouver Washington the number of homes going under contract and then actually closing has improved, with the MLS stated inventory coming down from almost 20 months to under 8 months. However, it is John's opinion that many sellers just stepped off the playing field, and still want to sell. Another important stat I think is missed in our MLS record keeping is the number of vacant homes being sold. I think there is a big difference to our market recovery whether a sold home enabled the seller to purchase another home (create a chain-reaction of sales) or, it was a vacant home or short sale home, where there is rarely a second or third sale caused by that first transaction. Sure we must clear inventory but, when a first-time home buyer enables a seller to move-up to a bigger home, and so on, that's the recovery I'm looking for! John
Alexander-Slocum REMAX Team - Vancouver WA Real Estate (RE/MAX equity group, inc. - Vancouver Washington) Those are very keen observations. A bank sale, or a short sale does not keep money flowing the same way a private party sale does.