Atlanta Real Estate Market Update Feb 29, 2008

February 29, 2008

We are far enough into 2008 to have some solid mls real estate sales information to begin tracking patterns and trends. Before we get ahead of ourselves, I think it’s important to review some basic mls sales data from the past few years. This will establish a baseline against which we can compare our analysis for 2008.

The chart below shows the total number of single family homes listed in the North Atlanta MLS Listing Area that sold in 2005, 2006 and 2007. As we track the number of 2008 mls sales for the same real estate market area, you can refer back to this baseline. (Note: This information is not compiled by the Atlanta mls real estate services.)

MLS Sales Data

In 2005, (according to my research of the mls listings) the total number of single family homes sold in North Atlanta was 11,663; in 2006, the number increased slightly to 11,909. The total number of North Atlanta mls listings sold in 2007 dropped 19% to 9,622.

Looking at the average sales price during the same time period gives us a different perspective on the strength of the real estate market in North Atlanta.

MLS Price Data

You can see in the chart here that the average sales price increased 9% – from $345,503 in 2005 to $377,793 in 2007 — while the volume decreased over the same time period. It will be interesting to learn if the trend of increasing sales prices will continue into 2008.

Another real estate pattern to note is the average days on market (DOM). In the North Atlanta market, the average DOM has increased from 61 days in 2005 to 72 days in 2007 — a rise of 18%.

So, what do the 2008 mls listing statistics tell us today?

There are 362 single family homes reported as sold through the multiple listing service in January 2008, with an average of 95 days on market. The average price range in the North Atlanta Market Area for January is $402,158.

The reported year-to-date numbers through February 2008:

  • 7062 7230 7352 active mls listings (updated: 3/7/08; 3/15/08)
  • 742 776 771 are “under contract” pending closing (updated: 3/7/08; 3/15/08)
  • 574 664 788 sold and closed (updated: 3/7/08: 3/15/08)
  • $385,703 $380,929 $377,198 average sales price (updated: 3/7/08; 3/15/08)
  • 95 94 average days on market. (unchanged: 3/7/08: 3/15/08)

Okay, the baselines are set. What I want to do now is track these 5 markers on a weekly basis. I’ll strike through the changes as new listings, pending contracts and closings are reported to the multiple listing service.

Posted by Kathy Drewien | Filed Under Market Reports | Leave a Comment 

How to Research Atlanta Real Estate to Meet My Personal Needs

February 26, 2008

Every day a new website is born featuring neighborhood maps, demographics, property listings, and more. The internet enables you to research sales data, public tax records, addresses of sex offenders, toxic waste locations, school rankings and test scores, property tax millage rates; the list goes on.

Obtaining all this information will still not answer your questions, “How do I find the best place to live in Atlanta”? “How do I sell my home in this market without giving it away?” At least not with a peace of mind.

It takes a specialist to quiet those nagging thoughts; to validate your assumptions; to give credibility to your course of action.

In my opinion, we are Atlanta specialists, an authority on Atlanta real estate. Our knowledge only becomes an asset - an item of value - when it is shared.

Here are the characteristics which, I believe, define an authority:

  1. Well informed and up to date on industry news. We are prepared to answer your questions with candor and honesty.
  2. Aggregate and filter information. We weed out the junk and provide a no-nonsense overview to help you move forward.
  3. Provide a rigorous depth of research. We analyze the Atlanta market and provide information that is unique.
  4. Makes knowledge accessible for the general populace. We present concepts, data and information in a way that is understandable to a non-specialist audience — with respect for your knowledge.
  5. Expand the conceptual field. We challenge the traditional concepts and practices of the real estate industry.

To provide excellent service with proven results, we need more information than a list of multiple listing numbers two days before you arrive in Atlanta. We need to know more than how much money you want from the sale of your house. Or, how much money you spent getting it ready to go on the market.

Developing knowledge demands relationship and sharing of ideas.

Providing excellent service with proven results requires no less.

Posted by Kathy Drewien | Filed Under Market Reports | Leave a Comment 

A “New” Form of Mortgage Insurance Gives Tax Deductions

February 26, 2008

Private Mortgage Insurance (PMI) came back in vogue in 2007 for a number of reasons, the most widely-known of which was that PMI was suddenly tax-deductible.

But it came with a catch.  Only families earning less than $100,000 could take the full tax deduction.  For everyone else, PMI was same as it ever was.

Quietly, though, a less-well-known mortgage option called “Lender-Paid Mortgage Insurance” is emerging as a popular PMI alternative….

Posted by Jim Greenie | Filed Under Market Reports | Leave a Comment 

Fighting Crime in Atlanta

February 26, 2008

A lot of folks contact us when they are thinking of moving to Atlanta. They want to know where the best schools are located, what it costs to buy a 4-bedroom home with a finished basement on a large level lot with a fenced yard, and what is the crime rate in the area.

We are well prepared to answer questions on schools and housing, but are never sure how to address the issue of crime. Now we have an answer - at least in Midtown.

Check out the video here.  (H/T to AtlantaMidtown)

Posted by Vivian Lacy | Filed Under Atlanta Relocation | Leave a Comment 

Atlanta Tops the List for America’s Most Wired City

February 18, 2008

A recent article by Elizabeth Woyke for Forbes.com examines some of the reasons Atlanta tops Forbes.com’s survey of America’s most wired cities in the U.S. - for the second year in a row.

As the communications hub for the Southeast, Atlanta boasts regional headquarters for AT&T (nyse: T - news - people ) and Verizon (nyse: VZ - news - people ) and a bustling community of Internet-related start-ups. It’s also home to BellSouth and EarthLink (nasdaq: ELNK - news - people )–a major promoter of citywide wireless networks until recent months–as well as cable giant Cox Communications.

So, what I want to know…

Is it important that your Atlanta real estate agent be wired?

There is no shortage of websites to view Atlanta homes for sale: Zillow, Trulia, and Roost, to name a few national sites. Every major real estate broker and franchise in the metro Atlanta area has a website featuring Atlanta listings - most of them with direct feeds to the Atlanta multiple listing services.

Real estate agents promote email listing alerts and home searches from their personal websites. All of them apparently wanting to have a conversation with you, the person searching for information on the Atlanta housing market.

But, how many times have you emailed the listing agent seeking answers to your questions, and never received a response?

What’s the point of real estate agents promoting online service and being unavailable? I don’t get it.

In my office, we recognize that folks moving to Atlanta have tons of questions, and often need guidance to narrow the home search.

  • Where are the best schools in Atlanta?
  • Is Atlanta traffic as bad as everyone says?
  • Is this neighborhood safe? Should we rent first?
  • How do I find the best place to live?
  • Where do I find diverse lifestyles?
  • What’s the best way for me to compare one Atlanta suburb to another?

We use technology to enhance our ability to answer your questions in a timely manner. Our goal is to acknowledge your request within the hour, and provide a detailed response the same business day. To meet this goal we - like Atlanta - are the most wired real estate agents in Atlanta.

Posted by Kathy Drewien | Filed Under Atlanta Relocation | Leave a Comment 

Foreclosure Properties Exist in Marietta and Roswell

February 12, 2008

The suburbs of Marietta and Roswell are not immune to the increasing housing struggle. Property values remain strong although the days on market are still longer than we would like to see. A recent property search shows a handful of foreclosures.

If you are looking to buy and “owner occupy” or buy and hold as a rental investment check out these properties identified as foreclosures.

Posted by Kathy Drewien | Filed Under Buyers | Leave a Comment 

How to Find the Greatest Walking Neighborhoods in Atlanta

February 8, 2008

Here are two websites to consider as you are looking for the perfect Atlanta neighborhood:
Walk Score and Drive Score

Be sure to let me know if you find them to be helpful in your Atlanta research.

Posted by Kathy Drewien | Filed Under Neighborhoods | Leave a Comment