It's Happening!

At long last the total number of homes on the market and actively listed "For Sale" in the entire Atlanta metro area is beginning to increase rather than decline! To give you a frame of reference, typically the Atlanta area has 60,000 to 90,000 homes on the market by the month of March each year. By May that number typically increases to 110,000 to 120,000. By the market peak in July/August the number swells to 150,000 to 180,000 homes on the market in the entire Atlanta metro area – including your neighborhood too. During 2012, the total number of homes on the market in the Atlanta metro area never reached 50,000! During 2012, the lack of available properties on the market created a "supply and demand" problem. Low supply and high demand helped the pendulum swing back from a Buyer’s market to a Seller’s market – albeit with a price correction. After four or five years of a buyer's market, sellers began to feel some relief. With little competition on the market many sellers were rejoicing at the closing table. In many cases there were two or three offers on properties which helped to drive the price up -- albeit the final sales price was dependent on a positive or negative appraisal. Regardless, the pendulum has been swinging back to a sellers’ market during the past year. Buyers who have been on the fence are already experiencing higher prices in the homes they are interested in purchasing. On January 3rd, the total number of homes on the market in the entire Atlanta metro area was 30,667. Today, on January 11th, the total number of homes on the market has increased to 31,435. I'm wondering how high will the number of active listings in the Atlanta metro area go during 2013? If I only had a crystal ball! Sara Hibbard is a licensed Realtor in the state of Georgia. Sara welcomes your questions about the Atlanta metro real estate market and your requests for market statistics in your school district, sub-division or other micro markets that are of interest to you. Sara is available to answer your many questions regarding the Atlanta metro real estate market in general or specifics regarding the buying / selling / relocation process. If you owe more on your home than it's worth, Sara can explain your many options. Call Sara at 404-660-2481 or via e-mail at sara.hibbard@metrobrokers.com. Sara Hibbard is Glad Georgia Real Estate Is on Your Mind!