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Atlanta Monthly Market Trends - May 2017
Dated: July 1 2017
Market Trend Reports provide great insight into the real estate market and help consumers and real estate professionals navigate their local market.
Below is a comprehensive report on the latest data for the Atlanta and Metro Atlanta real estate markets.
All home types – Single Family, Townhouse, Condo/Coop
May 2017 numbers are mostly up:
- New listings ↑ 12.5%
- Closed sales ↑ 24.2%
- Pending sales ↑ 2.0%
- Median sold price ↑ 0.8%
Compared to this time last year (2016), closed transactions is the outlier:
- New listings ↑ 6.4%
- Closed sales ↓ 5.4%
- Pending sales ↑ 16.2%
- Median sold price ↑ 6.1%
**Huge lack of inventory – Not enough homes for sale**
It is prime real estate season. This month the Atlanta and Metro Atlanta Markets are experiencing sales decreases mostly due to lack of options and speculation. Median sales price had a bump-up of close to one percent from April, up more than six percent from 2016.
- Since April 2017 median sales price ↑ 0.8%
- Since May 2016 median sales price ↑ 6.1%
Property values will continue to rise. One significant factor is an abundance of buyers (high demand) and record low properties for sale (low supply). New construction is not exempt and continues to struggle, month after month, to keep up with buyer demand.
Comparing May 2016 to May 2017:
- Units sold ↓ 5.44%
- Active listings ↓ 11.86%
Don't underestimate the appraisal. Although values are on the raise, many sales are dissolving. Lack of inventory is causing agent to chase the market by over pricing properties. All it takes is one appraiser to kill the deal by disagreeing with a price. Make sure you have a savvy agent the prepares an appraisal package for the inspection.
There is less than three months of inventory in most Metro Atlanta Markets. This means that if all builders stop building today, in two months time, all available homes for sale will be gone. No more homes for sale! A balanced market is between 5-7 months of inventory.
It is still very much a sellers market. There is an abundance of frustrated and underwhelmed buyers. Some of which choose to postpone their search. Others end up settling. After several attempts at ‘highest and best’ bidding wars and worse yet, failed appraisals while under contract, the truly unlucky buyer is paying more than what they originally planned for and settling for something less than ideal.
We have more buyers than we have homes for sale
Team ROLO is experiencing an abundance of pre-approved qualified buyers. In a balanced market, this would be a great problem to have. However, in this current climate all buyers and brokers alike are eager for more options.
Through years of experience, our team has developed a proven system to qualify potential buyers before taking them out to see their first home. After initial contact, an appointment is set for a buyers consultation. At this crucial meeting we provide the following:
- Number one priority is listening to our client and fully comprehending their motivation for buying a home
- A complete and up to date understanding of the buying and selling process complete with step-by-step instructions of each phase of the real estate transaction
- Credit check and pre-qualification with our preferred lenders
- Fully executed brokerage agreement
- Our Rolodex of vendors, service providers, and contact information for all team members
- Full access to the MLS’s and online tools, apps, and tech
We cater to all in need of a real estate professional. We find that most of our clients buy and sell within the first ninety days of contact.
Looking to sell? NOW is the time! See what your home is worth here. And of course, call text or email us anytime. Our clients are in need of a home just like yours.
Specific market trends for the Eagle Ridge community
In comparison to the previous month, median sales price has declined by a thousand dollars and the median list price has remained the same. Price per square footage is quickly rising for all categories, and several changes in status for homes in the neighborhood.
804 Soaring Circle – Listing has been sitting on the market since April. There have been a couple price decreases. Home was likely priced wrong to begin with and has lost momentum. Also on a slop in the front yard.
1236 Soaring Ridge - New listing. Asking $330K. Home is recently renovated and vacant. Contact us for a private showing.
750 Soaring Drive - New listing. Asking $275K. Home is in the front of the subdivision on a bit of a slop. Reasonably priced but there is competition right next door.
730 Soaring Drive - New Listing. Asking $265K. Competition right next door. Home reasonably priced. If in good condition will be under contract soon.
671 Soaring Drive – Home is under conttact. Will be watching to see the final sales price once closed.
1001 Soaring Drive – With a lofty goal of $348K, this property was just listed and may be over priced. A sale close to asking could set a record in the neighborhood.
1133 Soaring Way – Sold for close to 100% of asking. This home was slightly under priced. Sellers contributed $4,500 in closing cost.
731 Soaring Drive – Home is under contract. Will be watching to see the final sales price once closed.
892 Soaring Way – Ranch style home. Under contract shortly after being listed. Sold $240K
1101 Soaring Way – Was asking $300K and went under contract shortly after being listed. Sold $310K
We are seeing more and more activity between $250K and $350K. The last three sales in the neighborhood fetched over ninety-three percent of asking. The latest sale commanded over ninety-nine percent of asking.
For and in-depth comprehensive analysis of your unique neighborhood contact us anytime.
Working with the Team ROLO
Team ROLO firmly believes in creating a win/win atmosphere during every step of the real estate transaction. We accomplish this by over communicating with our clients and setting realistic expectations every step of the way.
Below are just a few reasons why our clients become raving fan:
- Utilizing cutting edge technology
- Sharing years of valuable local market data
- Applying our proven systems
- Access to a substantial list of qualified vendors & industry professionals
- Superior organization & analytics
- Making our clients the most up to date real estate consumers possible
- Listening and adapting to clients constructive criticism
- Accurate interpretation of local and global markets
- Adjusting to market forces
- Continuing education
We have built a substantial real estate business based on referrals. The majority of our business is word of mouth. Accomplishing this is no easy task. The Team ROLO understands that when you treat all your clients like family, you inevitably end up getting that love in return.
If you are looking to buy, sell, or invest NOW is the time to act. Call, text, or email the Team ROLO anytime.
Proud members of the Cobb Board of REALTORS®
We understand that buying or selling a home is more than just a transaction: it's a life-changing experience. That's why our team of highly-seasoned real estate professionals are dedicated to providi....