Source: Atlanta Business Chronicle
First quarter sales for the Atlanta housing market have confirmed what real estate agents having been praying over for the last four years: housing sales are up.
Better yet, they have continued to stay strong.
Brokerages are experiencing sales volumes they have not seen in five years. At Atlanta Fine Homes Sotheby’s International Realty, closed transactions during April topped $100 million, a record in sales volume since the founding of the company five years ago- a great sign the market is truly rebounding.
The most telling sign of a market recovery is that sales are up in all housing sectors, single family and condominium in both Buckhead and the submarkets just outside Buckhead, according to statistics from First Multiple Listing Service.
The luxury condominium market, which has felt the greatest residential pangs in this downturn, is finally seeing a significant uptick in sales. The Sovereign, within the 50-story Buckhead mixed-use tower 3344 Peachtree, closed seven luxury condominium transactions in the first quarter, with an average sales price of more than $1.6 million each.
These first quarter sales numbers match the sales numbers for all of 2011.
There is a wide spectrum of pricing in the luxury condominium market. Homes at the St Regis are at the top of the list, topping over $750 per square foot. Even at this ultra premium pricing, the St Regis closed two homes in the first quarter with an average sales price of more than $4 million.
Another project in the luxury segment is the Ritz Carlton Residences, which averages $360 per square foot. The Ritz sold 11 condos during the first quarter at an average sales price of $800,000.
All of these luxury properties are located in Buckhead and boast the most prestigious addresses on Peachtree Road or West Paces Ferry.
Stepping just outside of Buckhead, another property in the luxury market that also experienced first quarter sales success is the Aberdeen in Vinings, where four homes sold during the first quarter with an average sales price of $900,000.
These strong sales in the luxury market mirror the same robust sales at all price points for the condominium and townhome markets of both Fulton and Cobb County. Sales at all price points for residential attached homes are up 9 percent in both counties from first quarter 2011. As inventories continue to shrink and supply and demand get back in line over the next several months pricing, yes, might even begin to inch upward making a true rebound sustainable.