Supply & Demand in Atlanta Metro Area

I've been a Realtor in Atlanta since January 2006. I've learned a lot and witnessed a dramatic local real estate market. Typically, during this almost 7 year period of time, in March each year total homes on the market is around 60,000 to 80,000 units. By May each year, the number swells to 110,000 to 118,000 homes on the market. And by mid-summer each year the number of homes on the market peaks somewhere between 150,000 to 180,000 units. I'm told these numbers have been "normal" in the Atlanta metro area for more than 12 years! This year, in 2012, the total number of homes actively listed and on the market has never reached above 50,000 units! And today, the total number of homes on the market has declined to 37,713 homes as I write this column! In the entire time I've been a Realtor, I have never seen so few homes on them market. The tide has turned. We are no longer in a "buyers market" in Atlanta and surrounding suburbs. With the supply and demand problems facing the area, Sellers are singing the tune, Happy Days Are Here Again. Albeit, with a price correction. For homes that are competitively priced, they are receiving multiple offers. Homes that are priced too high sitting on the market. According to an article written by Jacques Couret of the Atlanta Business Chronicle this past week, housing demand now outpaces supply in metro Atlanta and demand is expected to continue to grow with unemployment waning, Metrostudy reported Thursday. The metro Atlanta area saw a 50.3 percent increase in third-quarter housing starts and new home inventory has been depleted in many parts of Atlanta, down 82 percent from five years ago, the study said. “Record low mortgages and positive employment figures have been in the news for a while which is boosting confidence and helping to sell more houses,” said Eugene James, director of Metrostudy’s Atlanta Region, in a statement. “We expect to see housing demand continue to rise and more builders starting more new homes throughout 2013 and 2014.” This is exciting news for Atlanta. This may be a surprise to you if you've been sitting on the fence trying to decide if you should buy or sell real estate. I've been with some buyers this year who still think they will find the "deal" of a lifetime. The problem is that these folks have all experienced repeated disappointment and disbelief when their offers are repeatedly rejected or when they end up in bidding war with 4 or 5 other qualified buyers for a highest and best offer. Sara Hibbard is a licensed Realtor in the state of Georgia. Sara looks forward to assisting you throughout the buying / selling process when the time is right for you. Call Sara with your many questions at 404-660-2481. Sara Hibbard is Glad Georgia Real Estate is on Your Mind!