Although the national housing market is showing some signs of recovery, much of the Atlanta real estate market is still playing “catch up”.
There are bright spots in certain areas of the City. For Example, in-town neighborhoods like the Druid Hills/Emory University area are beginning to increase slightly in value and volume of sales. Other parts of the metro area are reeling from numerous foreclosures and mortgage fraud, which tend to affect recovery figures for the the overall Atlanta Metro real estate market. Foreclosed homes owned by banks made up 53% of metro Atlanta sales in January, while foreclosures and short sales made up 35% of sales nationally.
Comparison figures for the number of homes sold in neighborhoods near Emory University indicate that fewer homes were sold in 2011 in the $350,000 – $$900,000 price range than in 2010, but slightly more homes were sold in 2011 in the same area in the $150,000 – $300,000 price range. This is an indication that first-time homebuyers and investors are taking advantage of very low interest rates, and lower-priced homes. The Emory area is also experiencing an increase in the number of homes that are being leased.
The Atlanta Journal indicated in a recent article that “…the region may be seeing the first glimmers of a sustainable housing market recovery with realtors and builders reporting increased interest from potential buyers in recent months.” The Real Housing Market Report reports that housing units in the South for January were up 8.1%, but average prices were down 2% from January, 2011. Economist for the National Association of Realtors, Lawrence Yun, says “record-low interest rates, bargain home prices, rising rents and sustained job creation are helping to spur sales.”
A report published by Brookings, using recent Census Data indicated some interesting statistics. In general, Americans move around more than their counterparts in other countries, but a lot less than they used to. Homeowners are stuck in places with too few jobs and not able or willing to move to areas with healthier labor markets. The Nation is growing and moving more slowly and struggling economically between two recessions.
- U.S. is growing more slowly
- Americans are increasingly stuck at home
- Minorities are driving growth
- Boomers continue to age – age 45 and over grew 18 times as fast as under age 45 – transforming American households
- Americans lost ground on income and poverty in the 2000’s
72% of renters in a recent poll indicated their desire to own a home one day. When the job market and the economy improves, there is a healthy backlog of prospective buyers waiting to buy homes!
Atlanta Decatur Homes is a local real estate company selling homes in the Atlanta, Decatur, Druid Hills, and Emory University neighborhoods for over 25 years, offering Professional Management Services as well.