Just received the monthly market summary from the data crunchers over at Smartnumbers, the top dogs in Atlanta Real Estate forecasting. The interesting tidbits, (I’ve taken the liberty of adding boldface for emphasis):
- There were 2,778 closed homes for all single family homes in January 2011. This was an increase of 2.2% over January 2010 and the first year-to-year January increase since 2006-2007.
- The average price for all single family was $171,330 in January 2011. The last time we had a lower monthly average was February 1998, almost 13 years ago.
- Days-on-market was 100 for all single family in January 2011. Out of the past 166 monthly reporting period, this is only the 8th time that days-on-market was 100 or more.
- Months-supply (inventory levels in relation to closings) for all single family was 9.9 months at the end of January 2011. Over the past 44 monthly reporting period months-supply has been lower only once (December 2009).
The year-over-year increase in closings is evidence that there are buyers in the market, which the dwindling inventory further confirms. With the lower monthly sales price comes the obvious correlation to days-on-market: if sellers can’t- or won’t- adjust their pricing to what the market is demanding, they’ll spend more time on the market.
Of course, we’re looking at things from 10,000 feet high- real estate is, after all, a hyper-local business. If you’d like to discuss the report that I’m referencing and contextualize it within the neighborhood that you’re most interested in buying or selling in, contact me. It’ll be the most interesting real estate conversation that you’ve had all month, and the coffee is on me.