If you live in the area served by Fernbank Elementary (Druid Hills! Emory! Etc!), you might appreciate the chart below. I’ve been slicing and dicing data on the area, and thought it would be interesting to see how this year compares to the previous two years:
1. This Year Isn’t Nearly As Interesting As Last Year- As “”hot”” as the market has been over the previous 12 months, the reality is that the real bump in the market occurred from 2012-2013. Proof is in the pudding- a 17% bump in average sale price is borderline insane, and makes the .2% growth we’ve seen over the last year look paltry.
2. $400,000 Doesn’t Buy What It Used To- In 2012, out of 80 homes that had sold year-to-date a whopping 37 of them sold for $400,000 or less. For those of you scoring at home that’s 46% of the total market. This year, over the same period of time? 107 homes have sold, with 30 of them for $400,000 or less- only 27% of the market. That’s a pretty significant shift, and probably the trend that has had the greatest impact on the market.
3. Luxury Is Back- We’ve seen the number of $1,000,000+ homes sold more than double… and that’s just what we can glean from the FMLS archives. One only needs to cruise the mean streets of Historic Druid Hills for a few minutes to see that there’s a ton of new construction going on, and many of these homes never make it to market. Buyers, builders and the bankers that love them are all much more confident today than they were in 2012.
4. You Snooze, You Lose- Homes are moving much, much faster in 2014. We’ve slimmed down from 122 days on market to 63.
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