Atlanta Home Sales Report

The Atlanta Home Sales Report from the Atlanta Journal Constitution lets you search sales and home value information for ZIP codes and counties throughout metro Atlanta. Check out the best and worst performer lists or use the ZIP code / County search to find your area or other areas to compare.

Top 5 ZIPs with the highest value increase in 2008
1.   30157—Cobb 41.14%
2.   30329—DeKalb 30.68%
3.   30137—Bartow 26.42%
4.   30517—Gwinnett 21.29%
5.   30305—Fulton 20.11%

* The number of homes sold in every county declined from 2007. The average county decrease was 28 percent.
* About 86 percent of the ZIP codes in metro Atlanta saw a drop in their median price.
* There are 46 ZIP codes in metro Atlanta with resale median prices below $100,000.
* Five ZIP codes in metro Atlanta saw increases in the combined median price by 20% or more.

Quarterly Home Prices on the Rise

The average prices paid for homes purchased in the second quarter of 2009 with mortagages bought by Fannie Mae and Freddie Mac rose 1.7 percent from the first quarter.  This marks the first time in two years that prices rose in all nine regions Freddie Mac monitors.

“The pickup in home prices growth rates is consistent with other housing market indicators that show home sales and single-family construction up in the second quarter,” said Freddie Mac chief economist Frank Nothaft. “The Spring is generally the strongest buying season each year, and we normally see home price growth respond similarly [and] this year was no exception.”

Separately, the National Association of Realtors reported Tuesday pending sales of existing homes rose 3.2 percent from June to July, the sixth straight monthly increase in pending home sales. That is the longest streak of gains since NAR started keeping track in 2001.

With the $8,000 government homebuyer tax credit I would predict that we will see prices and home sales to continue to rise through the end of this year.  Interest rates remain low and many builders and homeowners are offering some great incentives for home purchasers…that in combination with the tax credit makes this an excellent time to purchase a home.

Housing Market Recovering

The housing market is a buyer’s market and they are buying.  Existing home sales jumped to a two year high.

The National Association of Realtors reports sales of existing homes jumped 7.2 percent in July.  This is the biggest monthly increase since the Association began keeping track in 1999.

Sales rose to an annual pace of 5.24 million. It was the fourth consecutive monthly increase in existing home sales, the longest streak since June 2004. Sales were 5 percent higher than a year ago, the first time sales were above year ago levels since November 2005.

“The housing market has decisively turned for the better,” said NAR chief economist Lawrence Yun in a statement. “A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing the higher sales.”

Tax credits, prices that have been driven lower for the last two years, and historically low mortgage rates are all contributing to rising sales.

Freddie Mac (NYSE: FRE) this week reported 30-year fixed-rate mortgages fell to an average of 5.12 percent this week. A year ago, long-term mortgages were 6.5 percent.

Yun also notes in some recovering markets, like San Diego, Las Vegas, Phoenix and Orlando, the demand for foreclosed and lower priced homes has spiked, and lack of inventory is becoming a common complaint.

Smyrna Vinings Home Market Update – April

Smyrna Vinings Home Market Update

It’s time for the latest Smyrna Vinings home market update. 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.

Now that we’re quickly approaching the Summer real estate market in Smyrna Vinings, we typically see an increase in inventories as well as an increase in sales. The interesting thing to look for will be whether sales will outpace inventory increases as many sellers are content to stay put rather than try to sell in a tough market.

This past month in the Smyrna Vinings home market we had an increase in the number of active listings compared to last month and a small decrease in months of inventory to 13.66 months. We have 651 active homes in Smyrna Vinings compared to 631 in March.

Inventory is heavily weighted by new construction as well as the steady flow of foreclosures and short sales hitting the market. We’re continuing to see prices come down as a result.

New construction in this price point include 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 3% decrease in condo listings last month, there was a 1% decrease this month. The Smyrna Vinings condo and townhome market, decreased by 3 units over last month, with a total of 330 units now on the market compared to 330 in March. Months of inventory have decreased to 14.78 months, which still has a way to go to get back to a healthy market.

Economic news has improved interest rates dramatically. Downward movement of rates signal a great buying opportunity.

If you’ve thought about selling your home, be sure to contact us. 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.

Click here if you’re ready to begin your Atlanta home search.

The H2 Realty Group is exclusively partnered with Keller Williams Realty, the third largest real estate company in North America (according to REAL Trends). 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.

Mortgage Rate Update – April 20, 2009

It’s time for another Atlanta mortgage rate update. If you’re in the market for a new Atlanta home, then you definitely want to keep an eye on interest rates, what’s effecting and where they might be headed. While we’re not seeing a huge movement in rates, we have seen a lot of volatility within each week. And while you don’t typically see a drastic swing in rates in one week, rates have moved pretty dramatically over a 2-3 week period.

The week in review:

Home loan rates remained unchanged this last week after receiving a couple economic reports that inflation appears to be in check for the moment. Interest rates continue to hover at historic lows. But, how long will it last?

What to expect:

There are several economic reports due out at the end of the week but none are generally market movers. It is earnings season and we’ll get earnings reports and future guidance from some major companies this week. Remember: Weak economic news generally translates into lower home loan rates. So, we could see some swings throughout the week.

On a longer term horizon, we have unprecedented stimulus and spending going on. The market is closely watching for signs of improvement and, more importantly, heating up inflation. Once those signs are evident, expect rates to move up rather quickly.

Breg-ometer:

Next 7 days: Rates should stay in the same range
Next 30 days: Rates once again should be in the same range
Next 90 days: Will signs of economic recovery be evident?

Courtesy of:

Bob Bregitzer

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