2013 Housing Market in Review

 

2013

2013 Housing Market in review

2013 Housing Market in review

  • For the North East Metro Atlanta and Gwinnett  area, inventory was up 11% compared to 2012 levels and down 34% from 2011. The limited availability of quality properties has turned some neighborhoods into a seller’s market.
  • The available “months of supply” was 4.6 months based upon closed sales (6 months is considered normal). This is down 9% from last month.
  • Closings for North East Metro Atlanta and Gwinnett in December were down 2.5% compared to last month and down 6.9% compared to the previous year.
  • Closings under $100,000 were down 24.6% from last December. The exit of large investors has allowed the price distribution of properties to return to normal.
  • Short sales and foreclosures seem just about over. In 2010, over 60% of sales were distressed but in December, there were only 333 foreclosures and 439 bank-owned sales.
  • New Homes are making a big comeback. There are some wonderful new home communities coming online with the latest innovations in smart building that may be great options for buyers.
  • The Case-Shiller Index reports that Metro Atlanta home values have increased 37% from the bottom of March 2012. But values remain down 16.67% from the peak of July 2007. 
  • The trend for mortgage interest rates is higher. Freddie Mac predicts s 30-year mortgage rates to be over 5% in 2014. This could significantly reduce buying power for those that wait.
  • Baby Boomers are the leading buyer segment followed by First Time Buyers. Move-Up Buyers are showing some signs of improved activity but remain well below historical levels.

This market is still a fine opportunity to buy the home of your dreams while prices and financing are historically low. But don’t wait…. Call me today.

Get listed get sold

#Real Estate  #Gwinnett # Realtor

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