Another busy real estate month is in the books, and The Peters Company finished with the best month of performance in our history, helping 27 families transition to their next home. Thank you for trusting us to help you! So with this being a record breaking month, let’s dive into what that looked like on a larger scale in our local Atlanta market. Here are the newsworthy stats we should be considering right now:
Properties are selling faster! (20 days on market for condos/42 days on market for detached homes) – For all the condos and townhomes that have sold, they were on the market for a median average of less than three weeks! Wow! That’s 31% faster than this time last year. Detached homes are selling 14% faster than last year, which is still a large improvement. This means that if you are a buyer, you can’t sleep on that home you’re eyeing.
Properties are selling for more! ($205k for condos/$254k for detached homes) – Condo prices are up over 9% over last year, and the detached homes are up over 6% from last year. Condos are clearly in demand in Atlanta since the downturn created such a freeze in that market. We also are seeing more condo sales as a result of rising detached home prices. Condos have become the more affordable option of the two. This means that if you’re considering a sale that now could net you the most money that we’ve seen…ever.
Extremely low supply! (2.1 month supply of condos/3.2 month supply of detached) – What this means is that if no other properties come on the market, this is how long it would take to sell all the inventory. The other thing this means is that if you have a condo and are even mildly considering selling it that you could have the chance of a lifetime to cash in. At a 3.2 month supply on the detached side, that’s still an amazing opportunity for sellers. This means that if you’re looking for a home you’re probably going to see everything that meets your criteria in one, maybe two, outings. It’ll take more homes hitting the market to stabilize things so get the word out to the sellers!
The bottom line is that if you are a seller, you’re gonna love this market. If you’re a buyer in a market like this, you need to make an exceptional decision. I’ve always said that the best time to buy a great piece of property is always, no matter what the market is doing. The Peters Company is experienced and trusted to help sellers and buyers maximize their opportunity. Let’s talk today!
Written by Andy Peters