If you’re thinking about selling a house in Toco Hill in 2015, the chart below should make you happy.
We’ve taken a close look at FMLS data, and the trends pretty apparent. A few points of interest:
1. Prices are going in one direction, with no end in sight. Average sales price has gone up significantly since 2011, and the climb over the last three years in particular has been steady.
2. Sellers get close to their list price. It’s just a fact. List Price to Sales Price ratio has been hovering around 98% for a few years now. You can look for deals in the neighborhood, but it’s not a playground for low ball offers.
3. Days on market are shrinking. From 94 days on market in 2011 down to 43 thus far in 2015. You can sleep on it, but you may not get to sleep in it.
4. Are Presidential elections bad for real estate? Across the majority of Atlanta neighborhoods, 2012 is an outlier. Even as the market started to gain its footing, prices dropped and then exploded in 2013. I’ve always thought that prices take a beating in part due to Presidential election cycles, as the American public is constantly bombarded with negative messages. “”Our economy is broken!””, “”Our country is broke!”” and “”America is running out of time to reverse course!”” isn’t really consistent with “”Buy a house!””
5. The market for homes priced under $250,000 has vanished. Not only is it gone, but what inventory is left is being gobbled up by investors and house flippers.
6. The market for homes priced over $500,000 is climbing steadily. Not surprising, as rates have stayed low and buying confidence has risen.
The Relevant Linkage
Source: FMLS; All single family homes sold within the Toco Hill Eruv