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Atlanta Real Estate Inventory Down 10% from 2008

Posted by Terry Burger on Wednesday, July 22nd, 2009 at 5:48am.

Many sources have predicted that the Atlanta housing market would hit bottom and begin a slow but steady recovery in late 2009. It sure seems like that is the case today as a new report shows months of inventory for single family detached housing in June reduced to 12 months verses 13.6 months in June 2008. This is a positive sign that while the economy is still weak, the housing market is beginning a slow turn to the positive.

The average sale price for detached housing in June was $217,790 in Metro Atlanta, a 13.4% decrease from 2008, but $42,000 above the recession low in February. It was also the 4th consecutive month of price increases. Again, the basic economic principal of supply and demand continues to prove that the market is gaining some stability.

As a consumer, this is absolutely the best time to buy a homein Atlanta if you haven't already. Foreclosure and short sale inventory also continue to fall. As of this blog post, there are only 5,286 foreclosures in Metro-Atlanta, ranking 6th in the nation. The average price of a detached single family Atlanta foreclosure in June is $208,790, much higher than previous months.

The banks also know what is happening in the market, as their real time research will cause them to be less motivated to "give away" their houses. Of all Atlanta detached foreclosures closed in June, the average list price to sales price ration was 94%.

Non-foreclosures in Atlanta priced between $100,000 and $500,000 averaged 95%. Use these numbers as your guide when looking for a home. There are still some great deals, but just like everything, it looks like the Atlanta Housing "Giant Tent Sale" may be coming to an end. 

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