Smyrna Vinings Home Market Update – January

Welcome back!

Smyrna Vinings Home Market Update

What’s the latest in 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.

I know for all those trying to sell their home or thinking about selling, you may get excited when you see the improved numbers, but I do believe this is more of a cyclical reduction versus an actual improvement trend in the Smyrna Vinings market.

This past month in the Smyrna Vinings home market we saw no change in the number of active listings compared to last month and a slight improvement in the months of inventory to 9.87 months. We still have 690 active homes in Smyrna Vinings compared to 690 in December.

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. We’re starting to see many of these builders reduce price and increase incentives as a result. New construction in this price point include Morris Commons, Sherwood Forest, Brookside Park, The Cottages at Market Village, West Haven, Cottages at Lois Pointe, Woodbridge Crossing, Medlin Place, Vinings Estates, Stonehaven at Vinings, Stonecrest Manor, The Estates at Ellis Wade, Kensington Green, West Village, Spring Street Village, Rileys Walk, Walker Street Cottages, Collier Place, Concord Lake Village, Cottages at Parkview Village, Barnes Mill, Collins Lake Estate and Wakefield Estates.

After a decrease in condo listings last month, there was another decrease, but don’t get too excited. The Smyrna Vinings condo and townhome market, decreased by 17 units over last month, with a total of 391 units now on the market compared to 408 in December. Much like the home market, condo and townhome months of inventory has decreased further to 11.42 months.

Now let’s put some perspective on these numbers, first of all we’re looking for 6 months of inventory to be equally balanced between a buyer’s and a seller’s market. The reductions are largely cyclical. November, December and January typically show these sorts of reductions. In comparison to January 2007, we have a 26% increase in the amount of active homes listed in Smyrna Vinings and we’ve experienced a 41% increase in the months of inventory. On the Smyrna Vinings townhome and condo front, compared to last year, we have had a 16% increase in the amount of inventory and a 13% increase in months of inventory. Frankly, it’s amazing how quickly this market has deteriorated.

What to look for? As I continue to reiterate, the market, while overall doesn’t look that healthy, does have numerous patches of very healthy and vibrant segments. In fact, under $400,000 in homes and under $300,000 in condos and townhomes continue to lead the local market in health.

However, 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 hesitate to contact us. The fallout from the liquidity crunch on the mortgage industry is still of effect. In fact, don’t be surprised to see further fallout in the mortgage industry. Also expect to see the inventory amounts continue to decrease at least through January. And of course, we are all anxiously awaiting spring in Atlanta to see if the homebuyers are ready to jump on all of these deals.

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.