Posts Tagged buckhead real estate market status
October real estate transaction volume is down in Vinings and Bulkhead, but not as severely as it was in September and August which was dramatically down month over month and year over year.
Vinings numbers are somewhat misleading as the transaction volume has been so low that percentages don’t seem relevant. The most notable thing to me was that the average sales price was under $800k, which says the main things selling are pretty close to lot prices, not so much resales.
In Buckhead, sales were down 14% year over year and 8% month over month. Buckhead is a much bigger market, so its most likely a seasonal dip in sales and a lack of inventory in the year over year sales.
Healthy inventory is defined as being under 18 months of homes or only enough homes to sell in that amount of time.
In the chart below, we see what the inventory looks like for homes for sale versus sold in the Buckhead zip code of 30327.
Looking at our current levels in 30327, we have approximately 12 months of inventory, so if sales remain constant this inventory should turn over in a year which is great news for Buckhead real estate.
Of course, this all varies by price point. At one point in the past couple of years, we had over 4 years of inventory over $2M in Buckhead. So it’s always best to look at the inventory levels in your particular price point when contemplating a sale.
One of things I’ve noticed this summer is that the banks don’t seem to have the large “shadow” inventory waiting to come on the market that the news has reported. I’ve seen articles talking about this slowdown and we may yet have another influx of this inventory, but there has been a dramatic decline of bank owned homes listed in Buckhead recently.
|*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.|