Oh what a year it has been. We marched into January 2013 filled with optimism. The past year (2012) had finally been a year that we had seen the market improve and it was onward and upward.
Interest rates remained low and although we saw the rate fluctuate we never saw any extremes. The first quarter of the year we started to see what the future for 2013 would hold.
Foreclosures and short sales were disappearing and buyers were starting to come out of their cocoons as confidence in the market started to grow.
The new normal became, NO INVENTORY. Sellers were starting to experience multiple offers and oh, what a thrill it was for them. For the first time in years we had a sellers market, meaning that we had less than a four month supply of homes on the market. Values were rebounding but slower than we would like to see.
When we hear prices are up 10-15 percent what is not factored in is that prices had declined in some cases as much as 50 percent.
Let’s look at the year’s numbers compared with 2012, which was not a bad year either.
Year Homes sold Days on the Market Average price
2012 215 113 $274,000
2013 259 77 $325,000
Prediction for the coming year:
If inventory remains low and demand remains high, we should continue with 2014 being a year of growth. Peachtree Corners schools are still a driving force for our city and the improvements that are being made will contribute to the demand.
Interest rates will play a role, as always, but they are expected to stay about where they are with spring having a slight jump. There could be unknowns that will change this but based on the economy today this is what we could expect.
Question about real estate give me a call at 404-955-7653 or email at email@example.com Area listings can be found at PeachtreeCorners.com
Area Open Houses Sunday January 12th 2:00 p.m. to 4:00 p.m.
3108 Sumac Drive, Peachtree Corners
305 Dogwood Walk Lane, Norcross
4043 Wild Ginger Path, Peachtree Corners