Here at HomesinAtlanta we like to periodically update you on changing real estate conditions in different neighborhoods. Today we’re focusing on Grant Park. Real Estate is definitely moving quickly today and Grant Park is one of the hotter neighborhoods. Let’s take a look at some of the numbers. We’re going to compare the first 6 months of 2011 versus the first 6 months of 2012. There are some newer numbers coming soon and I’ll update as they come along. All numbers courtesy of First Multiple Listing Service
- In the first 6 months of 2011 34 homes were sold in the Grant Park while in 2012 that number grew to 60. A whopping 57% increase! That’s good news and I can tell you that trend is continuing in the 3rd and 4th quarters.
- The highest price for a home sold during this period in 2011 was $355,000 while the highest price in 2012 was $611,000. This stat isn’t exactly an apples-to-apples comparison. This can reflect just different houses available on the market. However, it’s worthy of note that 5 sold for more than the highest price in 2011. This is a reflection of shrinking inventory along with the market seeing Grant Park as a more desirable neighborhood.
- The least expensive house in 2011 was $61,000 and the least expensive in 2012 has been $50,000. Again not apples-to-apples. But digging deeper I can tell you the banks have worked hard to eliminate cheap foreclosures on the market and they’ve done this. Let’s say this here and now. There is no shadow inventory of foreclosures out there.
- The average price in 2011 was $210,000 and the average in 2012 has been $218,000
- Average days on market dropped from 87 days to 77 days and we can tell you that DOM is still decreasing sharply.
- And last, price per square foot increased 6%.
So what can we deduce from all these numbers? We know that the market is getting better in Atlanta overall with inventories decreasing sharply. Also, Grant Park in particular is very hot right now. It’s a combination of good location and reasonable pricing per square foot. If you put a home on the market priced right you’ll probably be under contract in less than 30 days. Bottom line is the market is improving due to A) improving economy in Atlanta B) Investors (particularly hedge funds) are buying up houses here and C) a lack of homes coming on the market. If you’re thinking of buying or selling in Grant Park or anywhere in Atlanta give us a call and we’ll be happy to give you a free consultation.