Atlanta Housing Market is on Fire!!!

Wow!!!  I can’t say it load enough.  This is by far the busiest January I have seen the 8 years that I have been selling residential real estate in Atlanta.  Today, I am working with two clients who have put offers on 5 different homes.  By the time we write the offer and submit the offer to the listing agent, the home was either already under contract or there were multiple offers.  Time really is of the essence!!

The bulk of the demand and supply shortage is in the under $150,000 price category.    The National Association of Realtors believes that a six-month inventory of homes (meaning if nothing else came on the market it would take six months to sell all existing homes on the market) is considered a balance market.   As you can see in the following chart, homes priced under $100k are at 3.7 months of inventory – a very strong SELLERS market.  What we, as agents and buyers are experiencing are situations where listings are selling very quickly and often times there are multiple offer situations – creating an auction environment – causing sales prices to be above the listing price.

The $100k to $200k price category is also very solid at 6.3 months of inventory as of the end of December.  Based on the buyer frenzy that is occurring right now, I venture to guess that by the end of January this price category will also enter the “Sellers” market arena.

So what does all this mean for you if you are a seller?  It means if you are priced under $250k you should be contacting a great real estate professional and putting your home on the market – asap!  Do not be late of the party!

If your home is worth more than $250,000 you should also give serious consideration to putting your home on the market.  A lot of home sellers want to wait until the Spring to put their home on the market.  This may not be the best strategy considering that we have low inventory of nice homes to choose from.

Charts Provided by ChartMasterChuck@aol.com

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