First Day Of Summer-Are You Ready For The Real Estate Storm?
If you are a buyer in today’s real estate market, and have been looking online for a while, I am sure you have seen how fast some of your favorite homes have gone pending and under contract to another buyer. If you are a seller, what are you thinking? Well let me tell you, the good news is this summer is the best time to list a home and sellers are now believing us since this information is being repeated on national news.
We are a RE/MAX real estate group working in the North Atlanta Cities of GA. We work with both sellers and buyers and many times are showing our own listings to buyers as well. Feel free to visit our buyers website at www.NorthAtlantaHomeTeam.com. Here is recent information that I wanted to share with you about our Real Estate Market in regards to selling and the inventory ahead.
Info. below provided by GAR (Georgia Association Of Realtors)
17 Jun 2013
We’re halfway through the year and it seems our collective attention has shifted from monitoring price and sales gains to eagerly anticipating more new listing activity on the part of sellers. This shift is the result of an imbalance between strong demand for homes and constrained supply. In some markets, purchase agreements are being written up directly after a showing. Your experience and local market conditions may differ, but the market as a whole has summertime heat.
- New Listings were up 3.0 percent to 12,275
- Pending Sales increased 20.7 percent to 9,939
- Inventory shrank 27.1 percent to 36,518 units
- Median Sales Price was up 35.7 percent to $148,000
- Days on Market decreased 17.6 percent to 75 days
- Months Supply of Inventory was down 28.6 percent to 5.0 months, indicating that demand increased relative to supply
Interest rate risk is back in the headlines after Fed chief Ben Bernanke’s latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate.
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