Smyrna Vinings Home Market Update - April
Friday, April 25th, 2008
So you’re ready for the latest market stats, ready for the latest on 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.
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.
As epxected, we saw an increase in inventories in the Smyrna Vinings market (due to normal cyclical activity) in homes, condos and townhomes. And as we go through Spring, we’re going to see inventories rise, but hopefully sales will improve as well.
This past month in the Smyrna Vinings home market we saw a 5% increase in the number of active listings compared to last month and a worsening in the months of inventory to 11.67 months. We have 753 active homes in Smyrna Vinings compared to 717 in March.
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 decrease in condo listings last month, there was a 3% increase, which was largely expected. The Smyrna Vinings condo and townhome market, decreased by 4 units over last month, with a total of 421 units now on the market compared to 409 in March. Much like the home market, condo and townhome months of inventory has increased to 12.89 months.
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 start to increase as we begin the peak listing season in Atlanta. 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.
