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Posts Tagged ‘north fulton real estate market’

Sometimes a picture is worth a thousand words or in this case a graph.

increased sales price in north fulton

Sales prices are on the rise in North Fulton, Milton and Forsyth County.

Do you see that green line – it shows that sales prices of homes in North Fulton, Milton and Forsyth have had some definite increases this year as compared to the end of 2012.

And look at this:

foreclosures down

Homes sales continue to increase.

Not only does this graph show the steady increase of market sales over the past year, but it also shows a significant drop in foreclosure homes! This is all great news for our market!

You might also have noticed that new listings are down in the above graph. That contributes to the low inventory situation we have seen this year.  If you are thinking about selling your house, now is a great time. Prices are on the rise and not nearly as many homes are on the market as in previous years. Give me a call! I would love to help you list your home!

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Lots of people are asking that right now..it seems to be the buzz term within in our media and among the real estate community. It

Beautiful five bedroom home in sought-after swim/tennis subdivision. Low Inventory in Atlanta

What does low inventory mean to you if you live in Atlanta?

means different things to different groups.

Agents

Low inventory simply means less real estate for sale. In metro Atlanta, we see that in all price ranges and areas as much as 40% less inventory is available as compared to this time last year.  Buyer’s agents all over the metro area are on the hunt to find property for buyers that have been searching and can’t find that perfect house. Whether it is the in-town condo buyer, first time home buyer, move up buyer and even in the luxury market, we all have buyers that haven’t found a home yet. As realtors that means we are networking to find listings not on the market yet.

Buyers

What it means for buyers is that you may need to be patient in finding that one home that you love. You and your agent will have to work closely on new listings and unlisted property. A listing we showed this week in Chastain, to one of our clients, was not even on the market yet. This particular home had four showings the morning prior to being listed on FMLS and officially on the market. We knew about it from networking with other agents and were able to show our buyer. As a buyer, it will help if you are pre-approved with a reputable lender so when you find the one that you do love, you are ready to make a strong offer.

Sellers

For sellers, make the changes and do the upgrades. Now more than ever buyers want the place move in ready. So go ahead and paint and touch up, freshen up carpet, change out hardware and do the things that were on your list “to do” or “not to do” in order to sell. If you do those items combined with staging, professionally photography and choosing a great agent  who will market your home  and take you through the transaction to closing you will sell, and sell relatively quickly. Not without any hurdles of course….:-)  But you will sell!

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Here are some great market stats from David Boehmig, President/Founder of Atlanta Fine Homes Sotheby’s International Realty.  As we look back on the first half of 2011, we can now reflect on how the Atlanta marketplace has responded in 2011. Below, we will compare the first six months of 2011 with the first six months of 2010 to gain some perspective on the Atlanta marketplace.

Also, at the end of the data, there’s a brief video of David’s personal comments on the Atlanta real estate market.

Overall Metro Atlanta Real Estate Market Review

In the six county metro Atlanta area, the number of homes that closed fell slightly; however, the number of homes that went under contract rose by 16%. The average sales price fell by 5% and on average it took five days longer to sell these homes.

In the the six county metro area, but in the $750,000 and up price point, the number of sold homes rose by 12% and the number of homes that went under contract rose by 6%. The average sales price increased by 5% during the period to $1,164,500.

Search for homes for sale in metro Atlanta.

Buckhead Real Estate Market Review

Looking at just the Buckhead marketplace, area 21, across all price points sold and pended homes went up over 7% during the first six months. The average sales price grew by an astounding rate of 18% to $863,000.

Within Buckhead, homes priced $750,000 and up, the number of homes that closed rose by 35%! Pended homes in this price point also grew by 18%. The average sales price increased by $141,000 to $1,373,000.

490 West Paces Ferry Road

Click here to search homes for sale in Atlanta's Buckhead

Search for homes for sale in the Buckhead real estate market.

Atlanta’s Intown Real Estate Market Review

In the Intown marketplace, FMLS area 23, across all price points the number of closed homes grew by 16%, while the homes that went under contract rose by 28%.

The average sales price rose by 6% to $482,000. Also, homes sold seven days faster on average.

Within Intown’s FMLS area 23, closed and pended homes priced $750,000 and above grew by a staggering 44% and 64% respectively. The average sales price of $1,017,000 represented an 8% decline from the prior year. The time it took for these homes to sell dropped dramatically by 56% to 112 days.

Ansley Park Home for Sale

Click here to see homes for sale in Midtown/Ansley Park.

Search for homes for sale in the Midtown/Ansley Park real estate market.

North Atlanta/North Fulton Real Estate Market Review

Looking at the North Atlanta marketplace, FMLS areas 13 and 14, the number of homes closed dropped by 9% while the number of homes that went under contract increased by 4%.

The average sales price held fairly steady at $362,500 representing less than 1% moderation from the previous year. It took eight days longer to sell these homes than it did in 2010 with 142 average days on market.

In the same area, homes sold for $750,000 and above increased by 18% with 11 more homes being sold. The number of homes that went under contact also rose by a modest 2% while the average sales price grew by 2% to $1,005,000.

Of those homes that sold, it took on average 102 days longer to sell than the same time in 2010.

2985 Manor Ridge in Alpharetta

Click here to see homes for sale in North Fulton.

Search for homes for sale in the North Atlanta/North Fulton real estate market.

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I recently had the opportunity to interview Bill Rawlings, Vice President/Managing Broker for the North Atlanta Office of Atlanta Fine Homes Sotheby’s International Realty. He provides some great insights into the North Fulton real estate market, and also news from a recent visit to the Sotheby’s International Realty headquarters.

AC: You have recently been named Managing Broker for the North Atlanta office of Atlanta Fine Homes Sotheby’s International Realty. What opportunities do you see for homeowners in the North Fulton real estate market?

Bill Rawlings, Vice President/Managing Broker, Atlanta Fine Homes Sotheby's International Realty North Atlanta Office

BR: Homeowners in North Fulton are fortunate to live in a wonderful part of Atlanta where there is so much to offer in terms of shopping, restaurants, business centers, not to mention a fantastic public school system. As a matter of fact, we see this market as an area of choice for many families relocating to the Atlanta area based on those reasons.

With historically low interest rates, and market adjusted pricing, buyers can live in homes that were once thought of as being too much of a stretch financially. If homes are priced properly, in good condition, while offering great curb appeal, we are actually seeing multiple offer situations.

AC: During the past few years in Atlanta real estate, we have seen many changes that have impacted home values. What is your advice to home sellers now? Home buyers?

BR: While the market has certainly adjusted in terms of home values, it is important to realize that as a buyer you are gaining the perceived equity that you feel that you are losing as a seller. To capture the highest possible market price, home sellers need to set their home up more as a model home by de-cluttering, thinning out personal effects & pictures, and most importantly neutralize the home in terms of colors and accessories.

Buyers in today’s market do not want to have to take on any projects; therefore, they are willing to continue to look for the perfect house if they feel that in their mind, there is too much work to do knowing that other properties are coming on the market every day.

Next, it is critical to price the home based on today’s market value. What something was worth a few years ago is irrelevant in today’s market. Lastly, make sure that any deferred maintenance and necessary upgrades are taken care of prior to going to market if at all possible. The first thirty days are the most critical.

AC: Recently you attended a meeting at the Sotheby’s International Realty headquarters. What were your top take-aways from the meeting?

BR: The true power of being part of an international brand when you have the opportunity to network with other brokers from around the world sharing listings and marketing ideas that work. In this particular meeting, there were 22 companies represented, 9 of which are located outside of the United States. Some markets that were represented include: Chicago, Dallas, Moscow, Taipei, Tokyo, New York, Miami, San Antonio, Barcelona, US Virgin Islands, Hamberg and many more.  Please also see my blog post related to this meeting with comments from Richard Smith, President and CEO of Realogy.

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Spring seems like it’s on the way and there are a couple of great outdoor things to read about this week in the North Fulton Blog round Up.

Alpharetta Patch reports that soon local parks may be smoke free, if it passes, Alpharetta will join Roswell and Milton in their similar laws.

Arts on the Creek, an annual event on Labor Day in Johns Creek, is gearing up for its 2011 show.  Mark it on your calendar now!

On Arbor Day 2011, read what the City of Milton did in conjunction with Summit Hill Elementary….very inspiring.

Also inspiring and touching this week is a blog post by Stephany Fisher of CBS Atlanta News. Fisher tells about a new organization called Will To Live, which was founded by a family in Johns Creek whose all-star son, Will Trautwein, tragically took his life in October. This sensitive issue is an important one, and a must-read for people who have teenagers in their life.

Lee at Roots in Alpharetta hits the nail on the head when talking about an Athens favorite, The Taco Stand, opening up in Alpharetta.  UGA grads, let us know what you think about it….or if you’re not feeling up to, read the post from his blog.

There’s a newly formed chapter of the Young Men’s Service League in Milton. Their first meeting was held recently in Milton. Primarily for mothers and their sons who are in eighth grade or higher, YMSL is a national organization that does philanthropic work in their local community.

Tired of spending $1 a day going up and down GA-400? Apparently others are too, and Senator John Albers of Roswell has introduced a bill to end the toll on GA-400.

While we may be hoping for a break on GA-400, estate taxes are on the rise in most states. Check out Law Offices of L. Tracy Teiger, P.C. to see which states have had increases in estate taxes….it may one day affect you if you have relocated to North Fulton and your family is in other state.

On my own blog, I found a couple of charts that show some hope for the Atlanta and North Fulton real estate markets.  As the real estate market in Atlanta begins to improve, now may be the maximum buying opportunity.

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