So what is happening with the real estate market in the northeast quadrant of Atlanta? Rather than just stating the same old clichés, I thought it might be beneficial to look at the sales numbers in a year verses year format and make the comparison in the number of homes sold. The three (3) areas that will be examined are Forsyth County, Fulton County and Gwinnett County. To get a true picture of what has occurred over the last three (3) years, both Single Family Residences (Residential Detached) and Condo/Townhome (Residential Attached) sales have been included.
Forsyth County
|
Year |
Single Family |
Condo/Townhome |
Total Sales |
|
2007 |
3,283 |
363 |
3,646 |
|
2008 |
2,386 |
272 |
2,658 |
|
2009 |
2,089 |
223 |
2,312 |
Fulton County
|
Year |
Single Family |
Condo/Townhome |
Total Sales |
|
2007 |
9,359 |
4,295 |
13,654 |
|
2008 |
9,555 |
3,121 |
12,676 |
|
2009 |
8,665 |
3,218 |
11,883 |
Gwinnett County
|
Year |
Single Family |
Condo/Townhome |
Total Sales |
|
2007 |
10337 |
1267 |
11604 |
|
2008 |
7681 |
963 |
8644 |
|
2009 |
7901 |
950 |
8851 |
Real Estate is very local and each market is different. What is happening in Phoenix, San Diego, Miami or any other area of the country is specific to that local market. While the numbers bear out that the northeast Atlanta market has declined since 2007, it’s not as bad as the news media might want us to believe. As a matter of fact look at the total sales numbers for Gwinnett County in 2008 vs2009. That certainly has not been reported on the news.
Short Sales and Foreclosures have had a definite negative impact on values and it is anticipated that they will continue this trend until the market stabilizes. While I think everyone knows what a foreclosure is, the term short sale may not be as well known. For those who would like a little additional reading here is a link to a series of articles that define what a short sale is and how the process works. Atlanta Short Sale and Foreclosure Information
Many times I am asked when do I think the market will come back. I don’t know exactly but I am starting to see what I believe to be a bounce off the bottom. If I am correct we will begin to see sales prices starting to rise. In the mean time, while prices are low and interest rates are down now is an excellent time to buy or invest in the real estate market. If you know anyone looking to buy or sell let me know. It’s not too late to take advantage of the $8,000 first time buyer tax credit or the $6,500 tax credit for existing home owners. If you are not aware of the requirements to take advantage of these programs give me a call or shoot me an email.