Smyrna Vinings Home Market Update – October

Welcome back!

Smyrna Vinings Home Market Update

Well, we’re back to update you on the latest in the Smyrna Vinings home market? In the table below, we have shown by zip code for both single family homes and condos the amount of homes currently active and resulting months of inventory.

Now that we’ve hit the Fall real estate market in Smyrna Vinings, we should start to see inventories further reduce in the Smyrna Vinings market in homes, condos and townhomes. This is not always a result of improved sales, but rather the fact that fewer sellers want their homes on the market over the holiday season and the additional fact that fewer buyers are usually looking at this time of the year.

This past month in the Smyrna Vinings home market we had a small decrease in the number of active listings compared to last month but a worsening in the months of inventory to 12.19 months. We have 707 active homes in Smyrna Vinings compared to 710 in September.

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.

Incentives include anything from price reductions, to free upgrades, free cars, finished basement, etc. All as a way to motivate the buyers sitting on the fence and a little gun-shy to pull the trigger and buy their new Smyrna Vinings home.

New construction in this price point include Cottage Garden, Walker Street Manor, Morris Commons, Sherwood Park, 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 5% decrease in condo listings last month, there was a 3% increase this month. The Smyrna Vinings condo and townhome market, increased by 13 units over last month, with a total of 415 units now on the market compared to 402 in September. Similar to the home, condo and townhome markets, months of inventory have increased to 15.47 months, which still has a way to go to get back to a healthy market.

Moving forward be on the lookout for economic news and how it might impact interest rates. Downward movement of rates could signal a great buying opportunity. Also, the government financial bailout package will result in a lot of banks holding back on foreclosing on homes and trying to work out individual situations to limit the recent surge in foreclosures. This will mean fewer homes hitting the market, but it will also mean fewer opportunities for buyers or investors looking for deals.

If you’ve thought about selling your home, don’t fret. While the statistics aren’t great, homes are still getting sold. 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 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.