Sunday, December 23, 2012

Atlanta Housing Is SO BACK

As real estate agents, we tend to be on the front line in our business in the North Atlanta area, and are the first to see how the housing market is doing from a micro aspect. Let’s just say that 2012 was a booming year for the North Atlanta Home Team, but it looks like we aren’t alone, as the National Association of Realtors released data on existing home sales and prices for November. November was the highest monthly sales rate since November 2009, improved over 5.9% from last month, and in addition, a 14.5 percent jump from last November, 2011.

In addition, prices are rising and inventory of unsold homes is at multi year lows. At the current rate, we have a 4.8 month supply of housing inventory, down from 5.3 months in October.. November inventory was the lowest since September 2005, which had 4.6 months of housing supply.

Foreclosures are down to a trickle and short sales are becoming a thing of the past. Banks are actually starting to toughen their stance as to a price they are willing to accept, as the market continues to heat up and raise prices. This is good news for people who thought they would never see equity in their homes that were purchased during the boom years of 2006 – 2007.

Prices tend to go up when demand for housing rises in comparison with supply. And that is exactly what is happening now. With less inventory in the North Atlanta market, buyers are now competing. Yes, we still get the occasional phone call from people looking for that “deal” on a foreclosure, but sadly, those days are passing, and if you are thinking about getting into the housing market, now is the time.

Interest rates are still at a historical low and prices are still near rock bottom, but slowly going up. I anticipate a 5% median price increase in the North Atlanta area for the next year. As they say, nothing lasts forever. If you are thinking of buying or selling in the North Atlanta area, call or email Bradley Weiner at the North Atlanta Home Team. “North Atlanta’s premium, first class, real estate services company”

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