Smyrna Vinings Home Market Update – July

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Smyrna Vinings Home Market Update

Time for the latest update 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.

Inventories have actually decreased in the Smyrna Vinings market in homes, condos and townhomes, but don’t get too excited just yet. But first the good news, in the Smyrna Vinings single family homes, we look like we may have hit the peak for the summer and it’s fewer homes on the market than last year.

This past month in the Smyrna Vinings home market we had just a 2% decrease in the number of active listings compared to last month and slight improvement in the months of inventory to 12.58 months. We have 763 active homes in Smyrna Vinings compared to 775 in June.

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 an increase in condo listings last month, there was a 5% decrease this month. The Smyrna Vinings condo and townhome market, decreased by 22 units over last month, with a total of 444 units now on the market compared to 466 in June. Much like the home market, condo and townhome months of inventory has decreased to 15.09 months, which while an improvement, still has a ways to go to get back towards a healthier market.

But while inventories have dropped as well as months of inventory, sales have not increased. What this means is that the first two statistics appear to indicate that the market has improved, but in reality the improvement in the first two statistics is actually due to significant number of homes leaving the market as expireds or withdrawns.

What to look for? We need to keep whittling away at the inventory levels and we also have to hope that mortgage rates stay somewhat benign and don’t continue to increase. If rates continue to increase, this will reduce buying power and cause further market deterioriation.

But with all that said. Homes are continuing to sell. 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 bankin industry.

Also expect to see the inventory amounts continue to increase over the next few months as we continue through the peak listing season in Atlanta.

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.