30043 Real Estate Update for December 2011

30043 Market Update for December 2011

In December 2011 the Single family, detached home sale records for 30043 looked much like this:

Pending Sale:

 102 contracts – Many of these will appear as closings in January ’12 reports, while others will take much longer.  Some contracts will fail and never close.

$629,900 – The highest list price of the properties currently under contract.

$25,000 – The lowest list price of the properties currently under contract.

59 of the properties contracted during December 2011 require Lender Approval.  These are likely where you will see the greatest delay in closing and reporting, in addition to failed closings.  Contracts which require lender approval are typically short sale transactions.

Sold:

99 closings – Completed purchases.

$585,000 – Highest sale price.  This was a 6 bedroom, 6 bath foreclosure built in 2007, sold on 12/30/11.

$37,100 – Lowest sale price.  This was a 3 bedroom, 2 bath foreclosure built in 1997, sold on 12/15/11.

$126,861 – Average sale price.

The Good:

Inventory is down, and the pace of sales is way up!  Year over year contracts show a steady increase in buyer demand.  First time homebuyers and investors are stepping up to catch some really great deals!

The Bad:

Most of the sales in this area are distress type properties… foreclosures, short sales, etc… There is a large supply of “shadow inventory” indicated by lenders and industry reports.  These are properties which have already been taken back by the lender, but have yet to be placed back on the market for sale.

The Ugly:

While the pace of sales is increasing, area prices are expected to remain flat for 2012.  There is still a lot of distressed property to move which must happen before prices can recover.  However, if you see something you like – don’t wait!  The best priced properties are going fast, VERY fast.

 

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