Finally some good news for Atlanta home owners*. Atlanta home sales actually took a major jump forward for the month of November. According to FMLS statistics just released this week - inNovember 2009 there were 3,630 closings for single family detached Atlanta homes - fee simple. This is an increase of 32.9% for Atlanta home sales over November 2008! As you can clearly see from the graph for November home sales took off. The average prices moved a lot lower, but his was due to so many firstime home buyers in the market. This massive increase in home sales was fueled by a pent up demand for many of the first time home buyers that thought the 8K credit was expiring, and historic lowws of 30 year fixed rate mortgages. Owning a home is now cheaper than renting. We have to look forward now to see if the same trends of increasing home sales holds up.
The bad news for buyers is that rates are rising, and there is a lot less homes for sale than we've had in the last few years.
Atlanta real estate statistics
*These average home sales are an average of our FMLS service area and not limited to just the city of Atlanta.
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I hope buyers sitting on the fence will make up their minds. Happy New Year.
Jim, we found similar action here in New Orleans, LA. market. The pent up demand couple with first time buyers are big factors. I am finding that prices have drop but are stabilized at this point. Which is a good thing. Overall we saw about a 10% decrease in price of single family residents. Hopefully the banks will lend more and keep this surge going. We all could use it.
GITA BANTWAL, REALTOR BUCKS COUNTY, PA HOMES (ReMax Centre Realtors) You cannot blame a lot of them that are worried about their jobs. Happy New Year!
Frank Rubi Kenner | Metairie |LA | Real Estate (Frank Rubi Real Estate | Licensed in Louisiana) If they can keep this moving forward it will be great. My own fears is that the rising interest rates will derail the entire thing.
Jim:
This is surely great news. Yes rising interest rates are hanging over our head. This would cause a "w" bottom.
Richard
Jim, Nice graph, I need to add a visual to my market reports. Thanks for the reminder.
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) I think it is a very real fear and just on the horizon.
Spokane Real Estate - Ross Quintana (Team Quintana Real Estate - Keller Williams Realty Lic#3015) I used create a graph and Snag it to create this graph.
Hi Jim, I hope it continues to go well in 2010 - I guess we will see what the new year brings! Happy New Year to you!
Mary Douglas, REALTOR ®, Red Feather Lakes, Colorado (United Country Ponderosa Realty) We are all waiting to see what the new year brings. We wish good fortune, health and prosperity in the New Year!
Jim I don't know for sure but buyers who hesitated may have missed the boat.