Forsyth County Market Update October 2008
Statistics for single family detached homes in the Forsyth County real estate market for the month of October 2008 are in. Forsyth County is divided into three different areas and we will examine each area and then look at the county as a whole.
Area 221
Area 221 is that section of the county that is East of GA 400 and includes addresses from the cities of Cumming, Suwanee and Alpharetta. In the resale segment of the market there were 55 properties ranging in price from $59,900 to $1,595,000 that went under contract and 15 properties that closed ranging in price from $126,000 to $830,000. In the new construction segment of the market 16 properties went under contract ranging in price from $186,900 to $825,000 and 4 properties closed ranging in price from $270,200 to $483,500.
Area 222
Area 222 is that section of the county that is West of GA 400, South of Hwy. 20 and includes the city of Cumming and part of Alpharetta. In the resale segment of the market there were 20 properties ranging in price from $169,900 to $424,900 that went under contract and 7 properties that closed ranging in price from $144,000 to $569,000. In the new construction segment of the market 11 properties went under contract ranging in price from $218,560 to $499,900 and 1 property closed with a price of $295,490.
Area 223
Area 223 is that section of the county that is West of Ga. 400, North of Hwy. 20, outside City limits of Cumming. In the resale segment of the market there were 5 properties ranging in price from $144,900 to $420,000 that went under contract and 5 properties that closed ranging in price from $93,500 to $269,900. In the new construction segment of the market 6 properties went under contract ranging in price from $179,990 to $539,900 and 2 properties closed ranging in price from $180,000 to $203,782.
Forsyth County Summary
For the month of October 2008, real estate sales for single family detached homes in Forsyth County looked like this:
• 80 Resale Properties Went Under Contract
• 27 Resale Properties Closed
• 33 New Construction Properties Went Under Contract
• 7 New Construction Properties Closed.
To the casual observer these statistics may be nothing more than just numbers; however to a savvy investor they just might be saying that we may very well have reached the bottom of the market in Forsyth County. New construction continues to lag behind resales and the builders are offering substantial discounts to help move the inventory, which by the way is decreasing. As the inventory decreases and becomes more in line with the accepted norms the real estate market in Forsyth County as well as the Greater Atlanta Area will return to its robust nature. Look at the number of properties, both resale and new, that went under contract compared to the number that closed. Now that is a trend that will bring the local real estate market back pretty quickly.
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