Answers (2)
- Nolan Feintuch, "NolanAFeintuch"
- Contributions:63
Just a quick follow-up to my previous post based on the recent Case-Shiller report that just came out.
The Index in January for Atlanta was 85.49, which puts average sales prices at June 1997 levels. It represents a 2.1% decline from December 2011 and a 14.8% decline year over year. Please understand that this does NOT mean housing values have dropped 14.8% in the last year! It just means the average of everything that has been sold is 14.8% lower than it was a year ago. Since for the most part the distressed market is in the lower price ranges, and given more investors have come into the market and buyers still have an appetite for a "bargain", naturally we are selling more inventory in the lower price points which is driving our Average Sales Price down.
Also, Atlanta is huge market and there are areas that have fared much better and there are areas that have done worse. The old phrase of real estate is local is very much true in this instance.
The Index in January for Atlanta was 85.49, which puts average sales prices at June 1997 levels. It represents a 2.1% decline from December 2011 and a 14.8% decline year over year. Please understand that this does NOT mean housing values have dropped 14.8% in the last year! It just means the average of everything that has been sold is 14.8% lower than it was a year ago. Since for the most part the distressed market is in the lower price ranges, and given more investors have come into the market and buyers still have an appetite for a "bargain", naturally we are selling more inventory in the lower price points which is driving our Average Sales Price down.
Also, Atlanta is huge market and there are areas that have fared much better and there are areas that have done worse. The old phrase of real estate is local is very much true in this instance.
- Nolan Feintuch, "NolanAFeintuch"
- Contributions:63
That is a tough question. I think one can start by looking at areas that have had the least amount of foreclosures and distressed sales (short sales) as a percentage in comparison to sales of properties that are not in a distressed situation. You will find in these areas that the decrease in home values has not been as steep as areas where there is a high percentage of distressed properties sold in comparison to regular sales. I personally think the Dunwoody and Sandy Springs areas have weathered the downturn well when looking at the Metro Atlanta area. The pundits have thrown a lot of figures out about values while some think Metro Atlanta home values are at 1998-1999 levels, while the Dunwoody and Sandy Springs area is close to 2003-2004 values.
In the metro Atlanta area, what areas of town have the most consistent increase in value over time?
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