September Real Estate Market Update

Hard to believe September is gone.Continuing with my goal to provide you with the state of of the market we will take a look at the market conditions.

In September ZIP code 30092 has 118 homes on the market, 18 pending sales and nine homes closed compared to 14 closed in September of 2010. Thirteen of those pending sales occurred in September.

Area code 30097,  South of Pleasanthill in Gwinnett County, has 12 homes on the market with two pending sales and no sales yet reported for September. There were no homes sold during the same period of 2010.

Berkeley Lake has 15 homes on the market with no pending sales and four homes that closed in the month of September. That is up from zero in 2010.

We saw it happen this month as in most every month in recent memory. Buyers are not buying homes to remodel. They are looking for a home that is in move-in condition. Those homes in excellent condition and priced at or slightly below market are selling in an average of 24 days in metro Atlanta at very close to the listed price.

Statistics back it up. For instance a seller forced by the current market to take a price reduction in the second quarter of 2011 needed a median of 205 days to sell, compared to only 25 days for a seller who priced correctly with the market. This is across all price range homes.

Hope to see you all at the Norcross Art Fest Saturday and Sunday October 1st & 2nd.

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