Smyrna Vinings Home Market Update – April
April 16, 2007 by Aaron Hofmann
Filed under Uncategorized
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Here’s the latest update on the Smyrna Vinings home market. In the table above, we have shown by zip code for both single family homes and condos the amount of homes currently active and resulting months of inventory. Months of inventory indicates the number of months it is estimated to take to sell all active homes currently listed based upon the amount of homes sold in the past year in their respective zip codes and price points. More than 6 months of inventory typically points to it being a buyer’s market.
While in the past month’s it has been apparent that we were in a buyer’s market for single family homes in all price points except the $200-299,999 range, this range has been steadily worsening as well to the point it is waffling between a seller’s and a buyer’s market. Overall, concern has been building in the marketplace and rightly so. Up till now, the market has been slowly worsening.
However, this past month in the single family home market we’ve seen a 12% increase in active listings compared to last month and a 14% increase in months of inventory. We now have 688 active listings compared to 617 in March and now represent 8.76 months worth of inventory.
As noted previously, some areas are still heavily weighted due to so much new construction that has entered the market at a price point that was not common in the Smyrna Vinings home market. New construction in this price point include Vinings Estates, Stonehaven at Vinings, Stonecrest Manor, Ellis Wade, Kensington Green, West Village, Spring Street Village, Rileys Walk, Walker Street Cottages, Collier Place, Concord Lake Village, Parkview Village, Barnes Mill, Collins Lake Estate and Wakefield Estates.
There is a similar trend in the condo market as we’re seeing the introduction of $500-750,000 condos in the Smyrna Vinings Market. Some of the developments influencing these statistics are Greystone at Vinings, One Ivy Walk and Kensington Green.
Intererstingly enough, the condo and townhome market while not overly healthy, seems to be fighting to reverse the negative trends. The condo market increased 3% over last month, with a total of 366 units now on the market.
What to look for? I keep telling you that we’re going to see the uptick in inventory and sure enough, it keeps going up along with months of inventory ratio. We will monitoring this closely over the next couple months. Now more than ever, it’s imperative that your home is positioned properly in the marketplace. If you have any questions on how best to do that, don’t hesistate to contact us.
The H2 Realty Group is exclusively partnered with Keller Williams Realty, the fourth largest and fastest growing real estate company in North America (according to the August 2005 issue of REALTOR Magazine). The H2 Realty Group provides services to home buyers and home sellers in the north metro Atlanta area including Smyrna, Vinings, Buckhead, Midtown, Brookhaven, Marietta, Mableton, Kennesaw, Sandy Springs, Roswell, Alpharetta, Duluth and Norcross. All tools and resources can be accessed at www.H2realty.com.
