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Homes For Sale in Atlanta
By admin | June 16, 2009
As an agent working in Atlanta and running a growing team of agents, what is happening to homes for sale in Atlanta is something that I keep an eye on in a very consistent way. Most of the time, we measure the market by taking note of the homes for sale and the recent sales to compute the months supply of homes, also known as the absorption rate. Recently, there are been more than just a few people saying that we have reached the “bottom” of the real estate market.
While I will be the first to admit that there are several ways to measure a “bottom” and I’m not sure which way they mean, I think it’s also safe to say that by no measure have we reached their bottom and furthermore, the numbers rather indicate that there will be further price declines before things get better. To top that, monthly sales continued to show year over year declines. Even when we begin to see year over year increases, we will still have prices going down, not up. Simple supply and demand will tell us that the number of homes for sale in Atlanta will need to go down until the demand becomes greater than the supply. Prices have not reached a low enough point to make that happen. At least not yet.
It doesn’t look like that is going to happen until at least Spring of 2010 although it’s possible (but not likely) that some submarkets begin to show signs of increase more quickly. The problem is that we are fast approaching the end of the summer selling season and that means that we are going to see lower demand and that will make it hard to lower inventory levels even if there is lower supply. This will make it difficult to believe that the spring selling season will be much better than this one in 2009. time will tell, but, I don’t believe we will see the end of the buyers marekt until summer of 2011.
Topics: Real Estate |
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