In April 2010, real estate contracts reported for Gwinnett County rose to 1,171 from 895 in March, 2010, according to data from GAMLS and REDataCenter. This is the highest number since June, 2006. While most of these will reach success at the closing table, many will not. Once a sale reaches the point of binding contract, lots of things must go right. Issues with buyer financing, appraisal and inspection reports are just a few of the hurdles which can be encountered. Even so, the number of contracts or pending sales is important to consider, as it gives an excellent representation of current demand.
While sales volume is increasing, sales price is still very low. Average sales price in Gwinnett rose to $178,545, up from the March average of $164,736. Actually, each month of 2010, Gwinnett’s average sales price has risen. Proceed with caution if you’re currently on, or going on the market. While we hope these patterns continue, the spring market in Metro Atlanta is typically where we see our peak, and only time will tell if we will see any impact from the tax credit expiration. We’ll have to see what May numbers bring!