Spring Real Estate Market in Full Swing

In the last three to four years we have had no spring market. Even the year of the tax stimulus all we had was an artificial market. We have forgotten the days when you put a home on the market and had showings and sometimes offers within the first 30-45 days. Today’s market is creating flashbacks to those days. Yes values are still down but activity is up.

There are 103 active listings in Peachtree  Corners; 17 homes sold in the last month. That is up from seven last month There are still three homes waiting lender approval (these are the short sales).

There are seven contingency contracts, six of which are in the due diligence period. This is the time in which buyers do their inspections. During the due diligence the buyer may terminate the contract at will. There are 27 pending sales, homes that are past the due diligence and are waiting for appraisal, final loan approval and closing.  

The average sale price for homes that sold in February was  $313,241 which is down slightly from last month. The average home is selling for about $97.00 a square foot and the average number of days on the market is 85.

In ZIP Code 30092 there are 135 distressed properties in some stage of foreclosure or pre-foreclosure. This is down from last month when there were 143 that were considered distressed properties.

In the city of Berkeley Lake there are 13 active listings. There were four closings in the past month. There are two pending sales.

In Berkeley Lake there are nine homes that fall into the distressed property category. Once again this is defined as 90 days past due on their mortgage. Some will be able to catch up, some will go into foreclosure and some will sell as a short sale.

What we see is a market that is slowly coming to life and with that we will see inventory continuing to decline. We are excited to see this pick up and hope that it continues through the the next few months. For now homes on the market still need to be priced at or slightly below market and condition still must be at its best.

Buyers, it is still the best time in history to purchase a home. Your luck may run out if you are not prepared to  buy in the next few months. Interest rates are showing signs of future increases and with the decline in inventory we will start to prices creep up.  

Homes just listed this week in the Peachtree Corners area.

5143 Walden Mill Drive and 5977 Spalding Drive

Editor's note: Nancy Minor is a Realtor with . Her office is located in Peachtree Corners.