With home prices rising in most areas of the country for the past six to eight years, many people naturally worry about the next housing market downturn. Why? Well, many of these same people can vividly recall the turmoil they went through a decade ago when a large portion of the people in this country (and many other countries) lost their homes, jobs, savings and retirement accounts.
While I think there are some who may be a little jealous that they missed their opportunity to buy low, I’m sure many people are simply cautious to jump in after all the destruction they witnessed after the last housing bubble. History tells us that current trends can't continue on forever, but is the only possible outcome another major economic collapse?
In this article, I’ll explain why I believe the housing market won't experience a collapse in 2019. In comparing our current market with where we were at a decade ago, you'll see how significantly different the two are.
So to make things a little easier to follow, I’ve broken...
The Atlanta residential real estate market continues to remain hot as fire; with those in the market to sell their home reaping the reward. We saw a flurry of activity in March, with substantial jumps in the number of closed sales, selling prices and list prices. Despite a year over year increase in new listings hitting the market, the lack of available inventory of homes for sale continues to play a significant role in pushing home prices upward.
Interest rates have actually gone down in the past month or so, bucking the expectations of many in the mortgage industry. This, combined with an unemployment rate that continues to fall, seems to be motivating more and more buyers to enter the market. The influx of home buyers flocking to the market has created a demand for homes that seems to outweigh the supply. It's only April, and it appears the frenzy will continue for at least a couple more months.
Atlanta Housing Market Tidbits
Highest price home sold: $6,400,000
Lowest price home sold: $8,000
Most total days on market: 1067
Largest home sold: 13,000 sq/ft
Total dollar volume sold: $2,176,773,122
Average estimated home value: $174,200
One year price forecast: $181,168
Metro Atlanta Housing Trends
The market data and housing statistics contained in this report come from FMLS and CoreLogic. Unless otherwise specified, the market trends in this report are based off of single family attached & detached properties listed on FMLS....
The Atlanta real estate market has already started to take off in 2017, led by a jump in list prices, which spiked 13.7% from the year prior. New listings are being priced higher because inventory is still down (-8% YOY), and demand from homebuyers remains strong. A recent drop in mortgage rates has only encouraged buyers looking to participate in the upcoming spring buying season. Sale prices continue to increase, days on market remain low, and more homes are selling than last year… all signs that Atlanta’s housing market is showing no signs of slowing down just yet.
Atlanta Housing Market Tidbits
Highest price home sold: $4,000,000
Lowest price home sold: $4,000
Most total days on market: 885
Largest home sold: 22,054 sq/ft
Total dollar volume sold: $1,167,109,504
Average estimated home value: $173,300
One year price forecast: $181,618
Metro Atlanta Housing Trends
The market data and housing statistics contained in this report come from FMLS and CoreLogic. Unless otherwise specified, the market trends in this report are based off of single family attached & detached properties listed on FMLS. MetroAtlantaHome.com has taken all reasonable steps to ensure the information in this report is current and accurate, it cannot however guarantee the accuracy of information or that it is current.
Average Sale Price Up 5.2% From Last Year
Just as we’ve seen in the past, the average sale price was down in January, compared to the month prior. The five percent month over month decrease may seem drastic, but it’s...
When it comes to luxury houses, Atlanta has some of the largest and most unique homes in the southeast. Many of them located on private estates, these mansions offer nearly everything a buyer could desire. From historic properties to celebrity homes, this year we saw a little bit of everything. The only question is... which one is your favorite?
Note: The sale data in this article was obtained from county tax records and the First Multiple Listing Service. The homes shown here were listed and sold by brokerage firms other than the owner of this website. The information presented here is deemed reliable but is not guaranteed.
4110 Paces Ferry Road NW - $17,500,000
Beds: 7 / Full Baths: 9 / Half Baths: 5
Community: Buckhead (Atlanta)
Sq/Ft: 34,688 (Builder)
Lot Size: 16.99 Acres (Tax Record)
Sale Date: April 29, 2016
A European villa nestled in the heart of Atlanta – this stately 7 bedroom, 9 bath home is a dream. Enter by one of two private, secured entrances; the main drive welcomes you and your guests with gorgeous brick pavers and a fountain.
Custom, double wrought-iron doors lead you into the grand foyer with marble floors,...
In general, Atlanta’s real estate market has remained pretty steady recently. Average sale prices continued their YOY increase, rising 6.9% from where they were last year, while the number of closed transactions also saw moderate gains. One exception was the average list price, which reversed its downward course in August, and has continued to climb higher ever since. However, this month’s market trends reflect housing sales prior to the election; so it will be interesting to see how the results impact the market in the coming months. We’ve already seen mortgage rates jump up, so that could put a damper on home sales during the slower winter months.
Atlanta Housing Market Tidbits:
Highest price home sold: $3,235,000
Lowest price home sold: $9,100
Most total days on market: 1,177
Largest home sold: 14,500 sq/ft
Total dollar volume sold: $1,695,188,388
Average estimated home value: $171,400
One year price forecast: $179,970
This month's newly redesigned market update report includes nearly all the essential housing market statistics I could get my hands on. In the article, I cover average sale prices, number of closed sales, active listing count, list prices, days on market and more. I've also included mortgage rates, distressed property sales and unemployment rates. Finally, I put together a brief housing market summary for each of my featured communities. Also, you'll find the information presented in the video is different from what's covered in the article, so make sure to watch it!
Atlanta Housing Market Tidbits
- Highest price home sold: $7,200,000
- Lowest price home sold: $10,500
- Most total days on market: 1,030
- Largest home sold: 14,755 sq/ft
- Total dollar volume sold: $1,231,351,939
- Average estimated home value: $169,600
- One-year price forecast: $178,400
Video Summary - Length: 06:25 - The median sale price in Metro Atlanta increased 7.7% year over year,...
Overall, Atlanta’s real estate market continues to show mostly positive signs as we head into the fall and winter months. High buyer demand and limited inventory of homes for sale has continued to push sale prices higher. The number of pending sales has continued to climb, bringing the number of closed sales up with it. We’re still adding more new listings than we did last year, but with more and more homes selling, the available inventory is down compared to last year.
Mortgage rates remained low throughout the entire summer, helping fuel buyer demand. Despite some occasional fluctuations, the national average for conventional loans hovered around 3.4% from June through most of August. We have seen mortgage rates climb this month, but they still haven’t surpassed 3.6%. It’s hard to say where rates will go from here, but I anticipate some volatility due to the upcoming presidential election and the economic uncertainty it creates.
Metro Atlanta Real Estate Trends
The following market trends come from FMLS single family attached and detached listing activity. This month’s market report includes active, pending and sold data through August 31st, 2016.
Closed Transactions Up 2.3% Year Over Year
Last month, the overall number of closed sales in Atlanta increased 2.3%, to 7,381. This includes 6,226 detached homes (up 0.8% YOY), 657 townhomes (up 13.7% YOY), and 497 condos (up 9% YOY). After a sharp decline in July, the number of closed transactions in August remained consistent with historical trends for this time of year. However,...
As we approach the end of the summer, the Atlanta real estate market continues to favor sellers. Sale prices have continued to increase, days on market is at a record low, and the active inventory of homes for sale is still relatively low. More sellers are looking to cash in on the increase in their home’s value, and the increase in new listings has yet to overtake the demand from buyers. If demand continues to outweigh supply, the seller’s market will likely persist.
Oddly enough, pending home sales remain abnormally high, despite the lack of inventory for sale. Normally, the abundance of pending sales would result in a much higher number of closed sales, but that wasn't the case. Although the number of closed sales has rebounded from drops in previous months, they’re still not where they should be based on pending sale data. I believe the pressure on buyers to win bidding wars, along with the unrealistic time frames negotiated in many contracts, have caused countless deals to fall apart; hurting both buyers and sellers.
Metro Atlanta Housing Trends
Despite skyrocketing pending sales, Atlanta home buyers continue to struggle finding available properties to buy. There’s no shortage of properties under contract, but it’s obvious that many of these pending sales are failing to close. Demand from buyers appears to have increased, but the availability of homes for sale has not. This imbalance has kept home prices on the rise, shrinking the affordability factor for many of today’s buyers. Pressure from investors and the declining inventory of REO/distressed properties has left a void in the entry-level price range.
Properties are going under contract quicker than they have in years, yet the days to closing is only down slightly. Speaking with my lender partners, it’s apparent that the current volume of real estate transactions has exceeded the capacity of many mortgage processing and underwriting departments. In addition to financing hurdles, multiple offer situations are still putting undue pressure on today’s buyers.
Home Sales Remain Down
As it has the past couple months, the number of homes sold in Atlanta remains considerably lower than last year’s numbers. At 6,109 sold listings, home sales in May 2016 were 17.7% lower than they were last year, even though they were up 17.3% compared to a month prior. Despite the red hot market and under contract signs everywhere, sales volume still does not reflect the flurry of activity.
Monthly Closed Transactions In Metro Atlanta
Unless you’re a real estate agent, you may not have heard of the MLS (pertaining to real estate, not soccer), much less know what it stands for. Even if you do, you probably don't know there are two different Multiple Listing Services (MLS) serving Metro Atlanta; FMLS and GAMLS. However, if you’re in the market to purchase or sell real estate, it’s worth learning just a little bit about them to become a more educated home buyer or seller.
For consumers, understanding the characteristics of each MLS can help you determine the website(s) you should use to search properties, and may even play a role in which REALTOR® you decide to hire. In this article, I’m going to cover some differences & similarities between the two MLS providers and discuss what consumers may want to consider when searching homes for sale online.
FMLS vs GAMLS Comparison & User Tips
CLICK HERE to search FMLS & GAMLS listings all on one...
The big story this month has to be the massive drop in closed sales during the month of April. Not only was this uncharacteristic for this time of year, but definitely unexpected given the massive jump in pending sales the past three months. There is obviously something going on that is preventing all these under contract properties from making it to the closing table.
Other than closed sales being way down, all other market trends indicate we are in one of the strongest seller’s markets we’ve seen in nearly a decade. However, I think this seller’s market is so strong that, it’s actually preventing homes from selling. In a blog post I wrote a couple weeks ago, I explain how bidding wars can actually hurt home sellers.
Market Update Video
Closed Transactions Down 24.6%
In a market where seemingly every property goes under contract in days, it’s hard to believe that closed sales are down nearly 25% from where they were last year. We saw signs in March that closed sales were declining (down 3.6% YOY), but the huge drop in April was...
About two weeks ago, a guy called me out of the blue and asks if I can help him find a short sale or foreclosure to buy in the Atlanta area. He explains to me that he is looking to get a great deal on a home and that he is also very handy, so he can do most of the renovations himself. My initial reaction was to tell him that he missed the boat by a couple years… that ship done set sail! But I thought to myself, distressed properties are still out there, we’ll just have to jump on them quickly and make a very strong offers if we’re going to be successful.
So I started searching, and… my gut was right, there wasn’t much out there. After about twenty minutes of scouring the MLS, I decided I wanted to dive a little deeper into the numbers for my monthly market update. So, I put together the video below and wrote the following article with some additional insight on the Atlanta real estate market using FMLS data through March 2016.
New Listings - Distressed Properties
It’s been a few years since foreclosures and short sales dominated the market, so I was...
About Atlanta Real Estate Closing Attorneys
In Georgia, real estate attorneys conduct all closings and must perform dozens of duties before a real estate transaction can be finalized. This is why choosing a great attorney is very important.
Attorneys charge fees to cover the costs of researching the chain of title, preparing closing documents, performing the closing, and recording the transaction with the county. The cost for a standard residential closing varies, but is typically between $400-$800. This may not include fees for the title search, title insurance, recording fees, transfer fees, taxes, bank charges, etc.
Real Estate Closing F.A.Q.’s
1. Who does the real estate closing attorney represent?
2. What does a real estate closing attorney do?
3. Do I need to be present to close?
4. What is power of attorney?
5. What is the GRECAA?
My List Of Top Atlanta Closing Attorneys
I've put together a list of reputable firms that close thousands of transactions each year and are highly regarded throughout the industry. As a top Atlanta real estate agent, I work closely with attorneys like these and others to ensure the closing goes smoothly. The following is my list of the top real estate closing attorneys serving the Metro Atlanta area:
About Real Estate Brokers In Metro Atlanta
There are thousands of real estate brokers and more than 35,000 active real estate agents in the Metro Atlanta area alone. Brokerages can range in size from independent one-man operations, to large companies with thousands of agents and hundreds of support staff. These residential real estate companies have agents who specialize in all types of property, including: single family homes, condos, townhomes, land, lots, multi-family, investment properties, vacation homes and more.
This article includes the top residential real estate brokers in Atlanta by firm type, including: large brokerages, luxury brokerages, and boutique/specialty brokerages. I've also included a section about brokerage fees and how they work.
The Top Large Real Estate Brokerages
Large real estate firms typically have hundreds of agents and multiple office locations throughout the city. Many of these brokerages have brand affiliations with some of the most well known real estate companies in the nation.
With more than 600 REALTORS® in Georgia, Atlanta Communities is a full service real estate brokerage that covers all of Metro Atlanta. Atlanta Communities specializes in both residential and commercial real estate sales. With five Metro Atlanta office locations, it’s easy to find Atlanta Communities, whether you live in Dunwoody, Midtown, Kennesaw, West Cobb, or Woodstock.
Real Estate Education & Training
Real estate is a business that is constantly evolving, therefore, its practitioners must do the same. Whether you’re an agent, appraiser or a broker, education and training is essential to a successful career.
Real estate schools offer courses on everything from basic principals to advanced selling techniques, as well as designations & certifications that allow for specialized training in various aspects of the business. Some schools even offer online versions of their training courses, so those with challenging schedules can still take part.
New Agent Training
Proper education and training are essential because a career in real estate is sink or swim, with most new agents getting out of the business within their first year. For those looking to get started selling real estate, the Georgia Real Estate Commission (GREC) currently requires the completion of a 75 hour pre-license course.
In addition, perspective agents must pass an examination administered by AMP that is approved by the Commission. These are merely the first steps on the path to becoming a top Atlanta real estate agent. For those seeking training with an accredited company, I’ve put together a list of Atlanta’s top real estate schools.
My List Of Top Real Estate Schools In Atlanta
Metro Brokers Academy
Known as the #1 real estate school in Georgia, the Metro Brokers Academy provides both in-class and online training courses. Additional education for agents is also available. Metro Brokers...
A Great City For Sports Fans
Not only does Atlanta offer dozens of restaurants, museums, and music venues, but it also provides residents with sports teams that entertain year round. It is said that the sport’s pride and spirit in Atlanta is unlike any other town; fans are loyal, even when teams don’t perform to expectations. Tried and true, Atlanta sports fans hang on and keep hoping, which is a trait that makes Atlanta special.
The Atlanta Hawks
The Atlanta Hawks joined the National Basketball Association in 1949; the team originally belonged in Milwaukee and St. Louis, and then landed in Atlanta in 1968. The team plays at Phillips Arena. Notable players include Dominique Wilkins and Jason Terry.
The Atlanta Hawks have a long-time rivalry with the Boston Celtics, and fans wait with anticipation each year for the game. The rivalry has lasted more than 50 years and is always entertaining.
Basketball season in Atlanta is much anticipated, not only for the game itself but the atmosphere that invades Phillips Arena every time the Atlanta Hawks set foot inside. Any home game is not to be missed.
The Atlanta Falcons
After joining the NFL in 1965, the ...
The Business Hub Of The Southeast
For many years, Atlanta has been a southern hub of business and commerce. So much so that numerous Fortune 500 companies have decided to call Atlanta home. From startups & tech companies to large & small businesses alike, many are flocking to Atlanta every day due to the city’s educated labor supply, moderate climate and international travel hub.
In addition, Atlanta’s housing market makes relocating employees more affordable, especially when coming from other large cities like New York, Boston and Los Angeles.
The Home Depot
Founded in 1978 by four Atlanta businessmen, including Arthur Blank and Bernard Marcus, The Home Depot is a widely-known home improvement store that is based in Cobb County, Georgia. The chain grew quickly, going from two original stores in 1979 to multiple stores in all 50 states, plus Puerto Rico, the US Virgin Islands, Guam, all provinces in Canada, and Mexico.
Stores run about 105,000 square feet in size; some stores are now offering fuel centers to its customers, as well. Several brands are offered exclusively at Home Depot, including Behr, Chem-Dry, and Homelite.
In addition to a wide array of home improvement items, The Home Depot also holds a vested interest in philanthropy and community improvement. The Home Depot Foundation, started in 2002,...
History Of The Atlanta Airport
April of 1925 saw the first rumblings of an Atlanta airport. Originally an abandoned racetrack, the 287 acres soon became a working airport and was named Candler Field, after the old owner’s family and Coca-Cola founder Asa Candler.
During its formative years, Hartsfield-Jackson was visited by Charles Lindbergh and his Spirit of St. Louis, saw Delta Air Lines’ first flight, and in 1948, more than 1 million travelers passed through its doors.
Becoming The Busiest Airport In The World
In 1957, Hartsfield-Jackson became the busiest airport in the country; 2 million travelers passed through that year. Also that year, between 12pm and 2pm each day, Atlanta’s airport became the busiest in the world. In 1971, William B. Hartsfield died and the airport was officially renamed to William B. Hartsfield Atlanta Airport.
Several months later, however, international flights began and the name was changed again to William B. Hartsfield Atlanta International Airport. In 1999, Hartsfield-Jackson officially becomes the World’s Busiest Airport after seeing 73.5 million travelers in 1998.
Expansion & Growth
Throughout the late 70s and 80s, construction was a constant occurrence, whether on terminals or fields, parking lots or towers. The number of yearly travelers was growing exponentially, and the airport struggled to keep up. June of 1988 saw MARTA’s line extended into the airport itself, making travel easier for Atlanta’s citizens.
In 1996, the Atrium was completed as part of the Hartsfield Improvement Program, the goal...
Top Events In Atlanta - May 2015
April showers are long over, and the month of May has arrived, and with it festivals, concerts, and other outdoor activities that allow you to take advantage of Atlanta’s beautiful spring weather. What follows is only a sampling of the many events that are taking place around this beautiful city in the month of May.
The Georgia Renaissance Festival (Weekends In May)
Back for its 30th year, The Georgia Renaissance Festival is a favorite pastime. With traditional Renaissance food, an artist’s market, games, rides, and dozens of live performances, the festival has made itself a can’t-miss tradition. Each weekend is themed, so a good time is guaranteed, no matter the day you visit. The Georgia Renaissance Festival is an experience that shouldn’t be missed.
Taste of Alpharetta (May 7th)
For the past 25 years, the Taste of Alpharetta has introduced festival goers to new foods and restaurants. With over 60 restaurants participating, you’re sure to find a new favorite or two. The ambience is worth going for, as well, with historic downtown Alpharetta the backdrop; enjoy demonstrations, games, cooking competitions, and live music as well.
Pick’n in Grant Park (May 8th-9th)
Spend a weekend listening to live music and plenty of BBQ – what else could you ask for? Pick’n in Grant Park, organized by the Grant Park Conservancy, is in its inaugural year and brings together Atlanta’s best BBQ makers to compete for top title....
Great Atlanta Festivals & Events To Kickoff Spring
With spring flowers and temperatures comes events and festivals; the Metro Atlanta area comes alive with activity. No matter what area you call home – Woodstock, East Point, Midtown – you will find a festival or event near you. Here is my list of the top events in Atlanta for the month of April:
Atlanta Dogwood Festival
Every spring for the past 79 years, the Atlanta Dogwood Festival has been the harbinger of the new season. Artists from all over the country fill the walkways of Piedmont Park; live music echoes through the park from morning to night; delicious food trucks and vendors provide a welcome respite from walking and shopping. The Dogwood Festival is the quintessential spring event, and one that shouldn’t be missed.
April 10-12, Piedmont Park, Midtown
Since 1999, Lemonade Days has been a Dunwoody favorite, growing from a small weekend gathering to a five day event. Carnival rides, games, food trucks, arts & crafts, wine and beer, live music, and a classic car show round out the weekend. Over 80,000 people are expected to attend, family and couples alike, so take the short drive to Dunwoody and make some memories.
April 15-19, Brook Run Park, Dunwoody
Alpharetta Art Streetfest
The Alpharetta Art Streetfest is a yearly favorite, celebrating art along the scenic streets...