Smyrna Attached Home Sales in April 2012
I’ve pulled some interesting statistics for Smyrna zip codes 30080 and 30082 regarding attached homes, condos, and townhomes for sale or sold in both zip codes. The numbers show some nice signs of an overall improving market for attached residential properties.
Heading into the spring selling season, the numbers of homes sold and pended (under contract) steadily rose. In April, we saw the inventory of properties for sale go down, as did the amount of properties sold. Properties pended went up, though. Looking back to April of 2011, there’s a 100% increase in the number of properties under contract. If we compare the same February to April quarter to 2011, we see that the number of properties listed for sale is significantly lower- 42% lower actually. The amount of properties sold this spring versus last has increased 17% and the number of properties pending or under contract is also up a full 39%.
In the second graph, we see a slight increase in the price of the properties that sold. Prices increased 3.4% in April. Days on the market (meaning how long between when a property was listed for sale and when it sold) decreased almost 31% in April. In comparing April 2012 to April 2011, we see the prices of the properties sold is about the same. The amount of time it took for properties to sell is much lower, however.
Looking to the third graph, we can compare the months of inventory. Months of inventory is derived by dividing the total number of listings by the number of sales, which results in the number of months of inventory left. There was a slight increase of 6% in April. Over the course of the last 12 months, however, months of inventory has changed pretty drastically– down a total of 47%.
In my upcoming posts, I will be sharing more statistics and information on the housing market in Smyrna in both the 30080 and 30082 zip codes. In the meantime, if you’d like more detailed information on a specific neighborhood or another metro area, feel free to email me at John@PetersenPartners.com or visit www.PetersenPartners.com.
Oscar G.
8:47 pm on Tuesday, June 12, 2012
The increase in home sales can be directly attributed to the wave of "investors"
coming in, buying up the ridiculously cheap property, renovating ever so slightly,
then renting them out.
It isn't moonlight and roses that homes are being sold here.
Because they're not being purchased by the people who're going to live in them.
KT
11:45 am on Thursday, June 14, 2012
I've noticed a number of homes being "flipped" by investors, too. But I don't think that's a bad thing. I've noticed quite a few get resold at higher prices which certainly helps their neighbors' property values. As for the one's that are just rented out, I still think the improved properties are good for the community as a whole. I'd much rather see someone renting and maintaining an improved property versus a run down home sitting empty. That's no good for property values either. The truth is the market's not going to be what it was for a quite a while. I think we have to start adjusting our perspectives and realize that even a little improvement is a good thing and investors aren't always a bad thing.
Lissa K.
1:29 pm on Thursday, June 14, 2012
They're being bought by so-called investors and then rented. I'm living in the middle of it. I've had to fight with our condo association and these investors. The bylaws state that if you buy after a certain date you can't rent. These "investors" are getting around it by becoming "mortgagers" and writing their own "mortgages" so these "buyers" can move in.
Lissa K.
1:33 pm on Thursday, June 14, 2012
The only way you can buy a condo right now is cash. Banks won't write mortgages for them. So the above facts and figures don't mean much. It's showing you how many investors are paying cash to buy then renovate then rent.