Tag Archives: atlanta real estate statistics

Plaza Midtown in Atlanta Market Update (hint, It’s a hot building!)

plaza-midtown   We’re always keeping abreast of the Atlanta condo market here at ‘Homes in Atlanta’ and today we’re focusing on Plaza Midtown.  It’s a great building completed in 2006, 20 stories tall and has 418 units.  It offers shopping amenities including a Publix in the building and restaurants and bars close by.  It’s also located just 800 feet from the Midtown Marta station.   That has become a big factor in value in Atlanta.

We looked at sales in the first half of 2015 versus the last 6 months of 2014 and here’s what we’ve found.   First, this is  a hot building with only 2 units currently on the market and 6 under contract.  Wow!  In the last half of 2014 one bedroom units sold for an average of $208,000 on 5 sales.  The average time on market for these were 16 days  (note, one unit languished on the market for 292 days but since it was such an outlier we threw it out).  Two bedroom units sold for an average of $309,000 in 94 days.

Now lets look at the first half of 2015.  Now one bedrooms are selling for an average of $224,000 in just 11 days!    Meanwhile two bedrooms are now going for $342,000 and selling in just 21 days.  

These numbers show an 8 to 10% increase in value over this short amount of time.  What does this tell us?  We know there is a shortage of quality condos in Atlanta and particularly in the Midtown market.  We’re seeing number like these in good buildings like Plaza, Spire and Metropolis.  Quality buildings are getting premium pricing.  And don’t forget the proximity to Marta we mentioned earlier.  Keep in mind these are average numbers and each unit must be evaluated individually to get a proper value.   If you want more specifics, you can click on the links below to get all the details.   Note; all numbers come from First MLS.

If you’re thinking of buying or selling a condo in Midtown or anywhere in Atlanta give us a call.  You need an expert that knows the market.

Plaza Midtown Market Stats Second Half of 2014

Plaza Midtown Market Stats First Half of 2015

Third Quarter Atlanta Real Estate Stats show we’ve moved into a Seller’s Marlet

Front Best 2   They asked Warren Buffet about the real estate market, “How do you know when you’ve hit bottom?”  He replied, “…about a year later”.  I have great news about the Metro Atlanta real estate market.  Best of all, we now have a quantifiable trend.  Before whenever we had good news, there was always an “asterisk” next to it, like in 2010 when the good news was a result of an outside influence, the tax credit.  OR like last year, when one distinctly positive trend was over-shadowed by a negative one:  in 2011 sales were up 15% but prices still dropped.

Here we go!  Market Stats for Metro Atlanta* as of Q3 2012:

·         12% increase in sales price in Q3, which followed a….

·         5% increase in sales price in Q2

·         First back to back quarterly Price increase since 2007!!!

·         12% increase in number sold

·         Average Days on Market Down 28% from 76 down to 106

·         Distressed sales, although still high, are down 10%

And most notably (queue the dramatic intro music)……

4.8 months absorption, putting us WELL IN TO A SELLER’S MARKET.  Wahoo!

Bottom LINE:

Seller’s:  Let’s talk.  We are in a seller’s market almost everywhere, and we have a severe shortage of quality listings out there.  I have been able to take chances with many listings on the high side and have won!

Buyers: Yes, you missed the absolute bottom.  The GOOD news is: a) you KNOW the bottom has passed, and b) the rates are 1% lower than last year which equates to the same payment as a home 10% cheaper.  You win again!

Details for all you ‘stat nerds’ like me:

We saw a “seller’s market”**  appear in Q2 of this year.  And although I saw it coming, I was not screaming “we are in a seller’s market!” because that low absorption number was driven by an irrationally high number of sales in the lowest price points.  In the middle and upper price points ($200k+), we were still in a buyer’s market, and in most higher priced areas, like Buckhead and Intown, we lagged in our correction.

So here is the REALLY good news:  We are in a “Seller’s Market” all the way up to the $500k price point!.  Those higher price points: $500k-$750k are at 8.3 months absorption, which is at the cusp of a “balanced market”, and the $1mm+ market is running 18 months….which sounds like a lot, but that’s down from 25 months last year and 4 YEARS the year before.  Those numbers are dropping faster than I ever would have imagined!  Can I get another “wahoo”!

Now, don’t get cocky…we have a way to go before prices completely recover.  But for the first time in a long time, we can see where that will happen, AND in opposition of many “negative nelly” economist, it WILL be in OUR lifetime.  If this current trend continues, that price recovery could be in 1-3 years! (That’s optimistic by the way and is contingent on way too many factors to mention).

* My “Metro Atlanta” consists of the 8 “inner” counties: Fulton, Dekalb, Gwinett, Cobb, Paulding, Douglas, Cherokee, and Forsyth.

**The ‘supply demand ratio’ is commonly called MSI = “Months supply of inventory” or “absorption”.

Got questions?  Give me a call or shoot me an email.

Bam! It’s officiall a sellers market in Atlanta

The Third Quarter 2012 stats are almost out.  I’ll have a full review of them tomorrow.  But a sneak peek already shows that for houses priced at $500,000 and below Atlanta is now in a seller’s market.  In the last year prices have bumped up 12% overall, sales are up 12% as well and days on market have dropped from 100 to 75.  Stay tuned for a full review tomorrow.