I’m posting data today on two of the many residential real estate areas in Atlanta that I follow. I follow many more, however the target area for this blog is 30327 and 30339. I’m glad to post additional zip codes on request and can narrow the pricing criteria to show traffic in a more specific market.
You can read national press and even Atlanta press and real estate is LOCAL, so by looking a the specific data for an area and a price range you can get the true picture. This chart is for Atlanta zip code 30339 which is inside the perimeter, and is called Vinings.
What it shows to me is the inventory is really not moving. National news talked about stimulus last year and how it helped real estate for a short time. The stimulus was geared toward first time homeowners and with the average sales prices in Vinings and Buckhead zip codes 30339 and 30327 areas being well above first-time homeowner price points, there was little impact from that program.
Inventory has dipped slightly in Vinings but sales are still down about 1/2 of what they were even in 2010. Something to consider about seeing decreased sales is that it may mean we’ll still see prices dropping in the Vinings area until we get a balance of inventory and sales. A healthy market is up to 18 months of inventory; currently in Vinings, we have over two years of standing inventory.
Data source: Trendgraphix. *All reports are published July 2011, based on data available at the end of June 2011. All reports presented are based on data supplied by FMLS. FMLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by FMLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.