The AJC began a realistic presentation of the Atlanta real estate market in a two part series they call the AJC Home Sales Report. You should read the whole thing here.
Some highlights include:
Our annual analysis tracks the sales of 43,000 houses in metro Atlanta in 2010, and the trend is still going in the same depressing direction.
Analysis from this year’s Atlanta Journal-Constitution Home Sales Report reveals that home values in metro Atlanta remain locked in a four-year slide as the pace of home sales sputtered. Five thousand fewer homes sold in nine metro counties last year than in 2009, accounting for a 9 percent drop. Those that did sell went for less than in 2009: Home prices fell 4.5 percent last year.
Homes in the northern suburbs sold at a faster pace than other areas, though suburban home values continued to slide. Cherokee, Cobb, Forsyth and Gwinnett had increases in the number of existing homes sold. But prices decreased 17 percent to $126,500 in Cobb’s 30067; 11 percent to $135,250 around Woodstock in Cherokee’s 30188; and 15.8 percent to $80,000 around Norcross in Gwinnett’s 30071.
The report, along with interviews with dozens of buyers, sellers, agents and experts, paints an uneven picture of the market. This much, however, is clear: Metro Atlanta’s housing market remains a big gamble.
This is a far cry from seven years ago when home sales began to increase 10 percent a year while median home prices grew about 5 percent a year. That ended in 2007, when home prices in the 20-county region went flat and home sales fell 22.3 percent.
I would love to tell friends and clients that the real estate has hit bottom and everything will be rosy from here on out but that simply isn’t the case. There are still too many foreclosure and short sale properties on the market with more in the pipeline for the market to stabilize.
Is it a good time to buy a home? Yes. If you need or want to buy a home and are in the financial position to do so this is a great time to buy and there are some incredible deals out there. But don’t let anyone tell you that the overall real estate market has hit bottom or is even close to doing so… yet.