Market

1069 Colquitt Avenue, Atlanta, GA 30307

  Inman Park Bungalow Home for Sale | 1069 Colquitt Avenue | Atlanta, GA 30307. This 1920's bungalow has all of the period charm combined with updated kitchen and bathrooms.   A beautiful front yard with professional landscaping welcomes you to the large front porch which is the perfect spot to sit and visit with the neighbors.   Home features an entry way into a large living room with one of three decorative fireplaces in the home.  Floors on the main level are heart of pine hardwoods and the ceiling height is 9'+.   There is a front living space - perfect library or music room or office!  The room has amazing light and a beautiful bay window and a fireplace.  The dining room is large and opens to the living room and the library.  There is a beautiful butler's pantry opening to an amazing renovated kitchen.  There is a large laundry room with storage.  The kitchen has been renovated and has amazing light with great design for multiple cooks.  The countertop is marble and the backsplash is a stainless steel.  Jen Air gas range is not only beautiful but great to cook on!   The kitchen has a built in wine rack and a huge bar that seats 3-4 people.  The den is the perfect spot to watch football.   The home opens to a large rear deck and access to the back yard and parking.  There are 2 bedrooms including the master on the main floor.  The master suite is large and has a charming bathroom with great light - skylight - and separate shower and claw foot tub.  Walk in closet has great built-in's for maiming the space.  The second bedroom also features walk in closet with built-in organization.  Upstairs there is a 3rd bedroom.  There is great storage and space for a bathroom.  Presently upstairs uses a window unit but the room could easily have a unit of it's own.   Parking for the home is off of an alley way (on Sinclair Avenue) and features an automatic gate.  There is parking for 2 cars and a car port. Looking for more pictures of this Inman Park Bungalow?     1069 Colquitt Avenue, Atlanta, GA 30307  You Tube Video 1069 Colquitt Avenue, Atlanta, GA 30307  Virtual Tour Mary Lin Elementary  |   Inman Middle School   |   Grady High School  |   Inman Park Neighborhood Association   |  Inman Park Pool Search for Homes For Sale In Inman Park What's my Home Worth? Market Stats for 30307      

Interest Rates on The Rise

Mortgage interest rates are on the rise.  In the past few weeks, interest rates have ticked upwards.   The raise in the interet rates hurt for sure: it reduces the amount of house many buyers can afford.  My buyers and have sellers have felt the sting.  Reality is that we had historically LOW interest interest rates and they couldn't last forever below 4%. So where are they going?  And how is the real estate market going to be impacted? Lawrence Yun, the chief economist of the National Associaton of Realtors, had the following points:

• Anticipates hitting 5% by mid year 2014 & may climb higher in 2015
• it will push some buyers out of the market (especially as sales prices are increasing)
• improvements in underwriting loans as they return to less restrictive requirements
• Yun estimates that 15-20% MORE households are qualifying for safe, affordable mortgages with conventional financing (Loans up to $417,000) with credit scores of 720 or above.  (In recent years the credit score needed to be 760-770)
• FHA Loans - credit scores of 660 (prevously was 680-700)
• Freddie Mac & Fannie Mae have greatly improved their performance & are starting to turn profits.  Hopefully once they have repaid tax payer funds they will reduce some of these fees

It's important to remember as mortgage interest rates rise, they are still low and it is a great time to buy a home.  

Market Pulse June 2013

The year to date numbers for sales are out for June 2013 from the First Multiple Listing Service (FMLS).  There has been a continued increase in the average sales prices while the active inventory & sales have continued decline.   The average sales price for single family homes has increased 29% comparing YTD June 2013 to YTD June 2012.   For the same time period - attached homes have increased 30%.   Year to date sales for June 2013 vs same time period in 2012 - single family homes have decreased 4% an attached homes have decreased by 1%.   Active inventory has decreased 34% for attached homes and 17% for single family homes. I am not surprised one bit at the increase in average sales prices.  Limited availabilty of homes for sale coupled with a high demand of buyers has brought us multiple offers.   We have been seeing multiple offers since Late 2012 many of them going over the asking price to win the home.   Multiple offers are great for sellers because they can choose their highest and best offer.  Multiple Offers can be frustrating for the buyers because a great bid - even one over asking price doesn't always yield the win and that is always frustrating. One HUGE point needs to be said about the above numbers.   The stats above all include homes listed and sold through the FMLS.   In the past 8 to 9 months - many homes have never made it to the FMLS which would be an argument for higher sales than reported above.   It is common in new construction for homes to not be reported to FMLS.  

February Market Statistics – 2013

The Metro Atlanta real estate market continues to be on fire.  Inventory remains low and buyers are buying.  We've been experiencing multiple offers and properties in these cases, often sell OVER asking price. Comparison of Average Sales Price: Single Family Homes - $201,653 Feb 2013 vs. $152,317 Feb 2012 Condos/Townhomes - $164,647 Feb 2013 vs $120,977 Feb 2012 Inventory Levels for ALL property types: Feb 2013 - 24,026  vs. Feb 2012 - 35,773 It is a GREAT time to sell. Inventory levels are LOW and buyers are BUYING.  Even if you have tried to sell in the past 12 months, the market has changed and properties are selling.  If you are interested in selling - call 404-604-3170 and let's talk.  And even if you are just curious about the market - let's talk! ZIP CODES - Curious as to what is happening in your zip code?  Stats for select zip codes: 30305     30306      30307     30308     30309    30312     30030   30032 Want to Sell Your Home?   Want to Buy A home? Intown Atlanta Living  |  Leigh Hays, Realtor  - Experienced in Intown Atlanta Sales Since 1996    

2012 Top Intown Atlanta Zip Codes by Average Price

The Atlanta Business Chronical recently published the 2012 top 130 ZIP codes by average sales price.  The data is for single family homes only and generated by RealValuator/Bridge Interactive Group, LLC.   According to ChartMaster Services which pulls data from the First Multiple listing in Metro Atlanta the median sales price for the end of 2012 was $179,900.  

2012 Rank	Zip Code	Median Sales Price	Average Sales Price	Total Sales
1	30327	$750,000	$966,378	296
2	30309	$649,900	$698,476	78
3	30305	$525,000	$666,983	227
4	30342	$513,975	$602,611	241
5	30306	$507,000	$576,250	260
8	30319	$375,000	$436,165	412
9	30324	$368,000	$433,463	144
10	30328	$355,000	$409,046	254
11	30307	$377,400	$400,478	199
22	30308	$295,000	$311,695	37
23	30329	$275,000	$291,326	76
34	30033	$214,000	$234,611	271
52	30312	$173,000	$190,794	184
102	30316	$105,000	$125,348	556

               

Metro Atlanta FMLS Areas Key

Metro Atlanta Map.FMLS AREAS

Capacity Survey: Atlanta Public Schools

Atlanta Public Schools: Capacity Survey for Potential Rezoning of Neighborhood Public Schools If you live within the Atlanta Public School district – now is your chance to be heard on the topic of the potential rezoning of neighborhood public schools.  With classes and schools filling up to capacity, there will be changes on the horizon be it school expansions, rezoning, or larger class sizes.  Here is your chance to participate in the survey – APS: Capacity Survey or try this one which connects you through Facebook -   APS:Capacity Survey | Facebook.   You do NOT need to have a child attending school to respond.  Renters are also encouraged to fill out the survey. Take a minute – complete the capacity survey and let your voice be heard on the potential rezoning of neighborhood Atlanta Public School.   Atlanta Public School

Market Update on Economy

Pending home sales for the month of March 2010 increased 5.3% from the previous month to 102.9.  The March 2010 is 21.1% higher than March 2009 which was 85.0.  The data is provided by the National Realtors Association and is for homes under contract - not closed. Definitely the increase is in part to the end of the buyer tax credit (must be under contract by April 30, 2010 and closed by end of June 2010).   According to Lawrence Yun, the NAR's chief economist, "Clearly the home buyer tax credit has helped stabilized the market.  In the months immediately following the expiration of the tax credit, we expect measurably lower sales.  Later in the second half of the year and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see ome values stablizing." From my persepective - yes - we will probably see a slow down in under contracts and sales after April 30th but many Atlanta buyers are out there.   They want to buy even if they didn't get the tax credit.   Home prices seem to be stabilizing in areas (still early but the numbers are showing some improvements), and loans are becoming readily available in the jumbo market (loans over $417,000) as banks' begin to show healthy balance sheets.  Buyers want great deals and sellers are understanding this and working to price their homes right for the current market.  I am talking to buyers who still want to buy! In Metro Atlanta - we are starting to see a slight reduction in the unemployment rate which is a lagging indicator of the economy.  The unemployment rate will follow other improvements in the economy - such as the increase in the pending sales numbers.   The good news is that March 2010 the unemployment rate dropped for the Metro Altanta area.

Pending Home Sales Index Drops in November 2009

The NAR announced on 1.5.2010 that the pending home sales index fell in November 2009 from previous month but remains above last year's numbers.   In October 2009 the pending sales index (forward looking indicator based on contracts signed for the month) was 114.3%.  November 2009 saw the number falling 16% to 96%.  Nov 2009 - 96% is still higher than Nov 2008's 83.1%. The October 2009 surge benefited from the last push for the first time buyer tax credit.  With the extension of the first time buyers tax credit and the addition of the buying tax credit for other qualifying buyers and the low interest rates - we will hopefully see a surge in 2010's number.

Existing Sales – November 2009

South is definitely seeing some improvement and movement in the market.  While we will have to wait a few more weeks for the December 2009 numbers - what will be more important is the cumulative numbers for the year 2009.The following information is provided by NAR in their November 2009 update.  Data was released at the end of December.   The data is for resales. Regional Sales by Price
Existing Single Family Homes
November 2009
% Change in Sales from 1 Year Ago
Region	$0-100K	$100-250K	$250-500K	$500-750K	$750K-1M	$1M+
Northeast	29.1%	75.3%	50.5%	31.7%	9.4%	30.2%
Midwest	44.0%	70.0%	47.6%	29.9%	10.7%	-13.1%
South	24.5%	53.6%	37.9%	55.2%	60.6%	28.4%
West	28.9%	46.8%	24.3%	35.9%	58.2%	64.2%
U.S.	32.4%	60.0%	38.8%	38.2%	40.7%	39.0%
Sales Distribution
Region	$0-100K	$100-250K	$250-500K	$500-750K	$750-1M	$1M+
U.S.	20.8%	49.8%	22.1%	5.0%	1.2%	1.1%

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