Smyrna Vinings Home Market Update – August

Welcome back!

Once again, we’re back to update you on the lastest 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.

Inventories have started to shrink in the Smyrna Vinings market in homes, condos and townhomes. And as we wrap up Summer, we should see inventories begin to decrease, and hopefully it will be from sales improving, but don’t be surprised to see our months of inventory continue to increase as supply is well ahead of demand.

This past month in the Smyrna Vinings home market we had no increase in the number of active listings compared to last month and a worsening in the months of inventory to 12.84 months. We have 763 active homes in Smyrna Vinings compared to 763 in July.

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 an additional 5% decrease this month. The Smyrna Vinings condo and townhome market, decreased by 20 units over last month, with a total of 424 units now on the market compared to 444 in July. Unlike the home market, condo and townhome months of inventory has decreased to 14.96 months, which still has a way to go to get back to a healthy market.

Be on the lookout for a blip in sales next month. With down payment assistance being phased out, we could see a quick surge in the lower priced homes. Additionally, be on the look out for economic news and how it might impact interest rates. Downward movement of rates could signal a great buying opportunity.

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 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 and banking industry.

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.