Seems everyone is talking about how good the market is for buyers right now, but how good is the market for sellers?
Inventory in the Atlanta Metro is at an all time low of 42,000 houses on the market today from an all time high back in 2006 of over 100,000 homes on the market.
- Sellers are experiencing multiple offers on well-priced homes in great condition.
- Financing rules are starting to get a teeny bit more flexible.
- New Construction starts are really on the upswing.
- Average days on market is decreasing
- Job Growth is climbing
So what about the distressed homes we see and hear about all the time? In the metro area, fourth quarter distressed sales climbed 8.4 percent higher than the same quarter in 2010. Was that the top of the foreclosure market here in Atlanta....yet?
Last year Forsyth County had close to 600 properties close as foreclosures/lender owned with the highest being that famous mansion on Trammel Road for $9.5 million to an unfinished home on Freeman Road for $12,500. Average days on the market for these homes were 72 and average sales price was $194,109.
Currently there are 105 active foreclosure/lender owned homes on the market, out of a total of 1,276 overall homes on the market in Forsyth County.
A recent RealtyTrac chart shows that one out of every 297 housing units in the county is distressed. RealtyTrac is also showing a downward trend in current foreclosure listings in the country overall.
The chart for Forsyth County indicates that when the inventory of foreclosures tightens in an area the prices start trending upward as they have in Forsyth since the beginning of 2012, according to RealtyTrac.
So, Mr. or Ms. Seller in Forsyth County: Average sales prices are trending up, both for distressed and non-distressed properties. Inventory is low.
If you are priced correctly and your home is in great condition, you could be moving sooner rather than later!
Editor's Note: Mary Anne Payne has been selling real estate in the North Atlanta marketplace, including Cumming and nearby communities since 1992. She also joins our "Local Voices" as a blogger for Cumming Patch.