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Community Corner

Real Estate Market Year-To-Date Report

Sales are up but prices continue to be pushed down by foreclosure and short sales.

We are currently experiencing the best first half since 2007 in the Peachtree Corners real estate market. No, prices have not rebounded to 2006 levels but we are seeing good homes priced at or just below market that are experiencing showings, offers and sales.

We hate to get too excited but buyers and sellers are out in mass. We are listing homes and seeing multiple offers in some cases.

Despite all the good news, foreclosures and short sales are still a large part of the local real estate market.  It has been said that in Metro Atlanta every short sale on average means a home sold 20 percent below market price and every foreclosure means a home sold at 40 percent below market. By market price, we referring to 2012 market prices not those of five years ago.

There are approximately 100 active listings in Peachtree Corners down slightly from last month which had 103 active listings. The drop is small reflecting many new listings on the market.

An incredible 43 homes are pending sale. Three fourths of these home were listed in the past 90 days.

Sixteen homes have been reported as sold in April compared to 17 in March. The great news is that 16 sales in April is up from six homes sold in the same period last year.

Like last month there was once again a slight decrease in sale prices fueled by foreclosures and short sales. February’s average sale price was $313,241 and April was $292,589 or a 7 percent drop from last month. This is normal as we bounce along the bottom.

To put things in perspective, year-to-date 55 homes have sold at an average price of $305,839. During the same year-to-date period in 2007, 43 homes sold at an average price of $387,255. That shows a market value down about 21 percent since early 2007. Of course real estate is local, your subdivision may have faired better or worse than the average.

In the city of there are 11 active listings. There was one closing in Berkeley Lake in the past month. There are three pending sales.

We continue to see a market that is coming to life. Multiple offers mean that buyers see a home that is a good value. These multiple offers will help hold and grow the market value.

Open House Sunday May 6th
5910 Ranger Court

New listings on the market.
4327 Jones Bridge Circle
5136 Staverly Lane

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