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Monday Market Update

Market Update

There are currently 11 blog entries related to this category.

Why Millennials are Flocking to AtlantaMillennials are moving across the nation in droves. They want the best of both worlds— better jobs, affordable housing, great schools, and a vibrant culture. This is why Atlanta is now one of the biggest hotspots for Millennials to get the best of everything. Over 90,000 people moved to Atlanta in 2016 alone. Since 2010, over half of Atlanta’s population were those that moved from out of town. Many of these people are young professionals settling down into their careers.

Employment Opportunities

With only a 4.9 percent unemployment rate and a 31.61 percent increase in the working age population, the Peach State is ripe with new job opportunities. Millennials arrive in droves to Atlanta seeking to a part of the thriving job market. Every year, more

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It's been a while since I did a market update for the metro Atlanta area and the good news is that you didn't miss much (except for the price increases).

So let's run down the hot points of what's going on in the market. 

  • Inventory is still low, causing prices to increase. 
  • Rates are increasing, further causing buyers to move off the fence to act now.
  • Rental rates continue to skyrocket with no real end in sight as Atlanta continues to build apartments and condos.  Did you know that the median price for an Atlanta condo is $400+!!! Only higher end buildings are being built right now (even in new construction). 
  • On the bright side, lenders are loosening restrictions
  • Year over Year Median Price increase 7%!!

Atlanta Real Estate Market 2017

What you see above

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Atlanta Real Estate Market 2016 Predictions

Atlanta Median Price Graph

Last year saw yet another record increase in terms of median price increase, a whopping 7.4% for metro Atlanta! (Typically it's only about 3% every year). The cause of this was an economy that although very fragile was as strong as it's been in the past 8 or so years and low inventory.

Ultimately, new construction started again last year and all was right in the real estate world. What you might not notice is that we've been saying this very same thing for 5 years! Here's a review:

  • Prices are low but increasing
  • The interest is so low that affordability is very good
  • Rent rates are also rising

So what's changed - nothing really except rates did go up for the first time in a LOOONG time

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Highest Priced Homes In Gwinnett Are In Buford

Homes For Sale In Buford GA

Whether you're thinking of selling your home or looking to buy a new one the median price of a home dictates a lot of things for an area. First let's talk about what the median sold price really means.   It's basically the line of of the market.  Everything under this median price tends to move faster and while it's an over generalization, homes that are priced under the median price are typically in a "seller's market."  At the very least it means that the homes will likely sale faster and have more overall buyers.  Additionally you can assume that homes over the median price might sell slower and have fewer overall buyers. 

Now that that's out of the way let's look at this graph here to the right.

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Atlanta Real Estate Market Update November 2015

The Atlanta market continues to give signals that it's full steam ahead.  What's telling here is that despite new listings being higher then the 5 year average the active listings are so much lower then the 5 year average that there's still a shortage, which means prices are rising.   In the lower price points tensions have eased a bit due to the absence of professional hedge fund investors.   The means that local investors have more choices and first time home buyers can now browse homes that need to fixed up.  This is great overall for metro Atlanta, basically until that "Active" listing increases by a large percentage you won't see a huge shift in the market.  Thank goodness new construction hasn't…
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Atlanta Market Update October 2015

Atlanta Real Estate Market Update

Whether you're waiting for next spring to sell or buy there's a cost to waiting. The most common scenario is that a person wants to wait for better market conditions. Interesting enough the only time the market gets better for a buyer is in a down market. Here's where the challenge lies. Many buyers are sellers as well. So with the market continuing to rise so do seller's profits. However many local sellers will watch their profits rise at the expense of what they can find on the market. Quite the dilema.

All this talk of markets though reminds me that you should never time the market, you should consider moving when it makes sense for your family. This doesn't mean you forget the market altogether. You

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Atlanta Real Estate Market Update: August 2015

Real Estate Market

For the first time in 2015 the median price dropped for both metro Atlanta as well as Gwinnett County as a whole.  Median pricing dropped in Gwinnett from $194K to $189K for homes sold in August.  Overall this is still a whopping 8.9% increase over last year.  Increases like this are not sustainable over the long term.   In addition, although we are still up in every category over 2014 we are down.

When you look at the graph below you'll notice that we are heading toward our usual Fall downturn.  This price decrease isn't always an indication of overall price decreases but rather that luxury home buyers tend to buy during summer months as well as school home buyers. Atlanta Real Estate Market Stats 

A little bit more

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The Beginning of the End Of Real Estate Agents

Solopro won't change the industryThe end of real estate as we know it is coming but it's not going to happen as you might expect.   This week Inman Connect hosted it's week long look at technology, real estate, success and other things, include a biologist with a wicked beard.  One of the new "scary" companies (scary to real estate agents that is) is a company called Solopro.  Basically Solopro allows consumers to shop for services in an a la carte fashion from real estate and real estate related professionals in exchange the consumer gets a fat 3% rebate.   

The real estate agents immediately go to social media after reading news that Lowes is throwing support behind this effort.  My question is how is this different then a rebate

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Atlanta Real Estate MarketRecord Highs! - Atlanta Market Update

It's likely you've started to hear that the real estate market might be coming back.  We've said it before but it's worth repeating.  In real estate, if you heard it on the news, it's likely too late or at least they are always late to game.  Like buyers who rely on Zillow for a search, newscasters wait for reports that are often 6 months after the fact in order to report "the news."  Unfortunately for the public, the real estate market continues to march forward.   Metro Atlanta as a whole is up 10% over last year.  First Time Home Buyers are really feeling the crunch right now as homes in those price points continue to get smaller and less desirable forcing them to act sooner or perhaps increase their bid. 

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Atlanta Real Estate Market Update Jan 19th Edition

Overall the market is still hot!  It's still heavily on the seller side for price ranges under $300,000 for most area and under $200,000 for more rural areas.  

Cobb County Homes

Average number of home sold per month is down and the overall months of inventory (absorption rate) is up to 3.5 months which is up about a half month.  This means it's still favors home sellers but that inventory levels are increasing. 

Gwinnett County Homes

Gwinnett is now into the 4+ months of inventory of homes for sale and this increase of the overall county means that some areas are back to a balance market.  In fact, most home owners over $300,000 can expect a fierce competition with home builders and

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