Category Archives for "Intown News"

Midtown Atlanta

January 2023: Quarterly Market Update

With the continued FED rate and subsequent mortgage rate increases, it’s logical that the real estate market demand has cooled. However, because of the supply constraints over the last three years, the waning demand has not significantly affected prices here in Atlanta. I view this as a positive for our real estate market in the medium term. 

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Atlanta housing market

October 2022: Quarter Market Update

With such aggressive rate increases from the FED, you would expect a relatively substantial decline in home prices. However, due to the ongoing supply issues, elevated home prices have been resilient, with only moderate declines in specific markets. We seem to be at a curious standstill in the housing market where prices, buyers, builders, and sellers are not budging.

I don’t foresee any significant changes in the urban Atlanta market in the near term. Demand still exists, and there is not enough supply. However, as I wrote about last month, I am starting to see some better opportunities for astute buyers.

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Atlanta residential real estate

Atlanta Residential Real Estate Outlook 2022

Despite much of the uncertainty over the last two years, the Atlanta real estate market has been highly resilient and remains one of the top markets in the country.

Because of the extraordinary performance, I am frequently asked whether or not we can expect this resilience and performance in 2022.

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2020 in Review and 2021 Expectations

Happy New Year!

As we close out the year, I want to provide an overview of the 2020 residential real estate market and provide my thoughts on 2021.

This past year was a big year for residential real estate with strong price growth and new home trends.

2020 Growth

Home sales saw tremendous growth this year as consumers took advantage of low-interest rates. Likewise, being forced to spend more time at home, the desire to have one’s space increased.

This growth was reflected both at a national level and in Atlanta.

From January through November 2020, home prices grew 19% nationally, compared to 5% in 2019.

In Atlanta, 2020, home prices rose 18% compared to 7% in 2019. This growth was impressive, given that we were already in a hot market.

Fewer people were selling, too, driving down supply. National supply in November 2020 was at 1.6 months compared to 3.1 months in November 2019.

In Atlanta, November 2020 supply was also at 1.6 months compared to 2.9 months in November 2019.

This shortage was reflected in how quickly homes were selling. Nationally, homes remained on the market for an average of 11 days in November, compared to 27 days in November 2019.

Atlanta was no different; homes remained on the market for 11 days in November, compared to 26 days in November 2019.

2020 Trends

2020 changed the way people shopped for homes and changed the priorities of what people looked for in homes.

Online home shopping accelerated as people toured homes virtually. Video conferencing was prioritized as agents walked clients through homes on video calls. As I have adapted to the changing markets, I now have the technology to provide even better services for clients hesitant to leave their homes. 

Another significant shift has been in the way we close, becoming more virtual with remote mortgage approval, inspections, and appraisals. 

Priorities also shifted. More people considered homes with dedicated office space, good outdoor access, and home gym or community gym access. This changed the way sellers prepared, staged, and listed their homes to sell.

Looking ahead to 2021

Due to low mortgage rates, we will continue to see a strong buyers market. Rates are forecasted to stay between 2.9%-3.4% for 2021. In the near term (Q1 2021), I expect 30 year fixed to remain around 2.7%.

With limited supply and high demand, I expect home prices to continue to rise over 2021, but not at the rate of 2020. Experts predict that more inventory will become available in the summer months as vaccines take hold and warm weather ensues.

I expect the same trends to continue to manifest in 2021. Buyers will be looking for more space. National Homebuilders Association expects an increase in median home size after a four year decline. 

Demand for green space and more defined floor plans will take hold as more people spend time in their homes with activities like working and exercising.

Overall I believe we will have another bullish year for home sales. It will be a good year for both buyers and sellers and a year to take advantage of low-interest rates.

Are you ready to buy or sell your home in 2021? Contact me, and I can walk you through everything you need to know to make a smart long-term decision.

Mayfair Tower

Q3 2019 Residential Real Estate Update

As we get into the fall season, I continue to see strength in the residential real estate market. With recent rate cuts and the latest data analysis over the past three months, I believe we will continue the positive momentum from the summer into the fall.

In this post, I will provide an update on both the national and Atlanta residential real estate markets.

National Market

Median US home sale prices were up 5.2% in August, on a rolling 12-month basis.  The median home price in May was $252,500. This growth is slower than the growth measured at the same time last year.  Nevertheless, we continue to see steady growth in the US residential real estate market and an ongoing positive outlook for sellers.

Median National Home Prices

The average number of days homes have been on the market in August increased by 7.5% from the same time last year.  This trend could be helpful for fall buyers looking for a little more leverage. Comparing this to August 2018 there was a slight decline in average days on the market.  

Likewise, In August, we’ve seen an uptick in supply of 10.7% over the rolling 12 month period.  This is most likely influencing the increase in the average number of days on the market as buyers now have more choices.

All of this indicates that we continue to trend toward a more balanced market. In fact, new construction increased by 12% in August.  This is a good sign that the market is still healthy, as builders see ongoing demand.

Atlanta Market

Atlanta continues to outpace national growth. Median Atlanta home sale prices were up 7.6% in August, on a rolling 12-month basis.  The median home price in August was $299,000, well above the national median price. Comparatively, in August 2018, the median home price was $278,000.

Median Atlanta Home Prices

The average number of days homes have been on the market in August increased 5% from the same time last year. This is lower than national averages, indicating that Atlanta still has strong competition and continues to lean towards a seller’s market.

Nevertheless, monthly supply continues to increase as more new construction projects are completed, which is favorable for buyers. Supply has increased by 30% since August of last year. Despite this significant increase, Atlanta is still struggling to meet demand and therefore has not seen a significant shift to a full buyers market yet.

With low-interest rates, strong price growth, and new construction becoming available, I expect Atlanta to maintain both a strong selling and buying market through the fall and winter months.

Are you interested in buying or selling your home this fall, taking advantage of the Atlanta growth new inventory?  If so, please do not hesitate to contact me.

Q1 2019 Market Update

Q1 2019 Real Estate Market Update

We are officially into the spring season, which means the start of the buying and selling season for residential real estate.  

As such, I want to provide a national and local market update for all those looking at buying and selling opportunities this spring.

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