John Heath & Your Results Team's Local Housing Market Update - 3rd Quarter 2009
The following analysis is provided based on data reported by FirstMLS, the primary listing service used by Realtors and Brokers in our market along with additional data and analysis provided from the National Association of Realtors and the Office of Federal Housing Enterprise Oversight. If you want to learn more about what is going on in and around your neighborhood, please visit www.NorthGaHomeSales.com to view more specific data online and/or to register to receive FREE email updates on homes selling in your area.
Locally: North Georgia is still experiencing a Strong Buyer's Market. During the period January 1, 2009 - September 30, 2009 FMLS reports 3,310 homes sold in the combined market area of Forsyth County, Dawson County and North Fulton, a decline in sales volume of nearly 20% from the same 9 month period in 2008 and over 40% from 2007's numbers. However, much of this decline is due to very week sales numbers this past spring. Sales during the four months June-September have been much stronger and are off only 12% from the same period last year. Also on a more positive note as it pertains to a recovery in home values, current inventory levels of homes for sale in our area are down nearly 20% to the lowest levels we have seen since the summer of 2006. However, as we look at the overall picture we must keep in mind that a good bit of this decline in inventory is due to a combination of very few new home starts and some frustrated sellers removing their listings from the market until things improve. Given the average sales volume over the last 9 months, current inventory levels represent approximately an 11 month supply of homes (MOI) for the area overall with "6 MOI" typically considered an indicator of a stable market between Buyers and Sellers.
The majority of home sales in our area continue to come from homes priced under $300,000 (52%). Homes priced under $500,000 comprise over 82% of overall home sales but only 69% of overall listings in our area.
Georgia remains a very desirable place to live and with the strong current buyers market in our area, this is a great time to buy a home in North Georgia. If you hire a professional Realtor to assist you with your search and the negotiation process, you should be able to start out with positive equity on your purchase. If you need to both sell and buy right now, homes priced correctly and marketed properly especially in the lower price ranges are still selling in an average of 90-120 days and typically at @ 95% of list price. So by pricing correctly on the sale and negotiating properly on the buy you should experience a net gain in wealth on the combined deal and still make your move within a reasonable time period.
This report has been provided courtesy of John Heath & "Your Results Team", your North Georgia real estate experts. John and his team are widely recognized as one of the top selling teams in Georgia and the preeminent experts on the residential housing market in Forsyth, Dawson and North Fulton counties. Learn more online @ www.NorthGaHomeFinder.com.
Location Characteristics: Located just north of Atlanta, surrounded by the southern Appalachian mountains and flanked by 39,000 acre Lake Lanier; Alpharetta offers some of North Georgia's finest places to Live, Work and Play.
This community successfully combines small town values with the modern infrastructure & services expected from a bustling metropolitan area in addition to providing; a wide range of cultural and recreational opportunities, upscale shopping & dining, state of the art medical care and award winning school systems in an area rich in history and natural beauty.
North Georgia offers a variety of housing and lifestyle choices in a wide range of prices from townhomes and single family starter homes to horse farms, mountain retreats and lake homes to gated golf course and active senior communities.
Please enjoy online tours of North Georgia at www.NorthGaVitualTours.com or set up your very own Dream Home Request through our www.NorthGaHomeFinder.com site.
About John Heath & Your Results Team:
John Heath & "Your Results Team" are the top residential real estate team in North Georgia, servicing the needs of buyers, sellers and investors throughout Forsyth, Dawson, North Fulton and Cherokee counties. Your Results Team prides itself on providing the very highest level of service and has been recognized by RE/MAX International as one of the Top 20 teams in Georgia for the past 5 years and by Communities Magazine as being in the top 1% of Realtors in Metro Atlanta every year since 2003.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
