Community Corner
Stats Show Peachtree Corners Real Estate Market on Upswing
A look back at February, 2013 gives us a hint of what is to come for the Spring real estate market.
As we march into the spring market, the weather may be chilly but the real estate market is hot, hot, hot. Sales in February continued to be strong and I continue to be optimistic about the spring market for 2013.
Inventory remains low. There are currently 83 homes on the market in Peachtree Corners. Compare this with this time last year when there were approximately 114 homes on the market. The exciting news is that 43 homes are under contract and are scheduled to close in the next few months.
There is a 3.9 month supply of homes available for sale. That is up slightly from last month's 3.5 month supply. There was over a one year supply of homes at this time last year. That market definitely favored the buyer. Presently the market continues to be balanced.
As stated last month, many experts in the real estate industry feel that a market with a 3 to 6 month supply of homes is in balance. This means that the market does not favor the buyer or seller. However, when the supply of homes drops below a 3 months supply it clearly becomes a sellers market.
Short sales are still and will continue to be part of our market. The good news is that we are seeing more short sales and less foreclosures.
Short sales help the seller move on with a less severe impact on their credit and gives buyers the opportunity to purchase a home at below market price in most cases. These lower prices can have a negative impact on home values but not as much as a foreclosure.
Search PeachtreeCorners.com for Peachtree Corners homes for sale.
New listings this week!
4034 Gunnin Road, Peachtree Corners
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Open House, March 10th 2-4 pm
4315 Fitzpatrick Way, Peachtree Corners