Atlanta Real Estate Market Summary 2007
December 27, 2007 2 Comments
What The Experts Say
Long recognized as one of the industry leaders in the following and reporting of home prices in the United States, Standard & Poors Case-Schiller Home Price Index sheds an interesting light on the Atlanta Real Estate market. The Index, while showing statistics back to January of 1987, has each of it’s 20 metropolitan areas on a level playing field in January of 2000 with an index rating of 100.
As of January 2007 the Atlanta index was at 133.45 and with the October report, which was released on December 26, 2007, the Atlanta index was 133.79. While the increase is small, the indication is that real estate in Atlanta continues increasing in value.
The Office of Federal Housing Enterprise Oversight latest quarterly report also shows some positive results for the Atlanta Real Estate Market. This report shows a 2.61% increase in value over the last year, a decrease of 0.56% for the quarter and a 20.18% increase in value over the last 5 years.
Why Is Atlanta Better Off?
Some will ask why is this the situation in Atlanta while other metropolitan markets have suffered so greatly? Just as an appraisal is a reflection of the value of a home in a specific location, values for an area are based on that area not what is happening in another area of the country. I guess you would have to base Atlanta’s ability to maintain even minimal growth on the fact that the region’s housing prices are fueled by relocation and job growth rather than speculative buying as happened in some areas of the country.
Additional databases that lend information to the overall real estate landscape in Atlanta is from our local listing services. One of the important statistics currently shows that the inventory in the Greater Atlanta Market is shrinking. As inventory is reduced, pricing should continue to increase.
What Does It All Mean?
So what does all of this mean? Simply stated, prices will probably not be going down in the Atlanta Real Estate Market. Couple this with the fact that interest rates are very favorable right now and you have a great time to buy a home in Atlanta.
Comments
2 Responses to “Atlanta Real Estate Market Summary 2007”
Got something to say?
The Georgia Dept of Transportation (GDT) is presently widening HWY 96 which passes through the town of Bonaire (birthplace of Governor Perdue). GDT is proposing a route which will abandon a stretch of existing HWY 96 and follow a new route which will necessitate procuring property for this new route. At least ten homeowners will be affected and lose their homes should this proposal be adopted. Having read a recent article at this web site about “eminent domain” in which the Governor proposed changes to existing laws to protect homeowners I would like to question if the State can take our property. None of the property is considered “blight” and the portion of the law pertaining to roads seems a bit ambiguous. Any help would be appreciated.
Hi Mr. Ferguson. Thanks for visiting. Has the proposed route been approved or is it just in discussion? I would recommend that the property owners affected along with all other concerned citizens of the area send letters and emails to their elected officials voicing your opposition to this new route.
I hope it all works out well for you!
Mack