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Georgia Real Estate Continues Recovery

by Don Martin ~ August 19th, 2012

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Housing Markets Continue to Improve

As the entire state of Georgia continues to slowly improve that bodes well for our market here in North Georgia.  If unemployment numbers, begin to decline and there is any sign of economic growth, the ability of the buyers in the Atlanta Market to sell their homes and move north or once again begin searching for second or vacation homes that will certainly have a very positive impact on our micro-market here in Bent Tree and Big Canoe (R).   Personally, I continue on pace to have my best year ever; after a brief slowdown in July, showings and traffic are both up significantly again in the last few days.  Buyers and sellers are motivated to get something done.  That is always a good thing.

The following statistics were released by the Georgia Association of Realtors on August 17, 2012.

Home Prices Rise in Georgia for Fourth Month in a Row
17 Aug 2012 – 
During the month of the 30th Olympiad, housing medaled in several arenas. A few short years ago, housing was considered a headwind to economic recovery. Today, housing is seen as a tailwind to a stalling economy. For the first time since 2005, housing is on track for contributing positively to national GDP in 2012. That can occur either by way of direct residential investment or through remodeling and other ancillary services. Watch for signs of sustained tailwinds in a variety of indicators, including market times, seller concessions, prices and absorption rates.

In July, New Listings in the state of Georgia decreased 9.3 percent to 10,880. Pending Sales were up 28.4 percent to 9,145. Inventory levels shrank 30.9 percent to 46,956 units. Prices moved higher. The Median Sales Price increased 2.3 percent to $116,500. Days on Market was down 16.4 percent to 82 days. The supply-demand balance stabilized as Months Supply of Inventory was down 40.9 percent to 6.4 months.

Sustained recovery will not occur without real employment and wage growth. Consumers must be confident in both the economy and their family finances before signing on the dotted line. Cheap borrowing costs have served as the glue binding things together. Unimaginable a few years ago, the rate on a 30-year fixed mortgage recently ducked below the 3.49 percent marker. Job creation and GDP numbers will garner particular attention this quarter.

I ran sales numbers for just Pickens County last week for a local retailer and they indicated that local inventory is down slightly, average prices are level to rising , a huge percentage of the market -almost 20% is under some kind of contract (not all those will close and some will take 2-3 months – still a very high humber,) and foreclosures and distressed sales, which have accounted for 50% of all sales for 2 years only account for 10% of the remaining inventory.  I will publish those numbers in another post this week.

See ya ’round the mountains,

Don


1 Response to Georgia Real Estate Continues Recovery

  1. Ashly Dewindt

    Thanks for your ideas. One thing we have noticed is the fact banks and financial institutions have in mind the spending habits of consumers while also understand that a lot of people max out and about their credit cards around the vacations. They wisely take advantage of that fact and start flooding ones inbox along with snail-mail box having hundreds of no-interest APR credit card offers shortly after the holiday season comes to an end. Knowing that should you be like 98% in the American open public, you’ll jump at the chance to consolidate financial debt and transfer balances towards 0 annual percentage rates credit cards.