Just as I recently posted about attached home (condo and townhome) sales in the Smyrna Vinings area, detached (single family) home sales also continue to hold steady and show improvement.
In the first graph I’ve attached of sales and pending contracts in the 30080 zip code, you can see that July saw a drop in inventory of homes for sale in the area. The amount of home that went under contract increased in July and remain at higher levels than a year ago. The amount of homes that successfully closed in July drop just slightly from May and June but still are higher numbers than we’ve saw at this point last year. In the second graph, the numbers for zip code 30082 are equally good.
What about prices? In zip code 30080, prices went up 2.2% from June. Prices were up 1.1% from July of last year. In zip code 30082, prices went up 3.4% from June and 4.5% from a year ago. That may not sound like much at first, but that’s some real improvement.
Regionally, there’s good news, too. According to numbers from the National Association of Realtors (NAR), pending home sales in the South rose 5.2% to an index of 111.7 in July and are 15.6% above a year ago.
Want more good news? The NAR projects existing home sales will rise 8% to 9% in 2012, followed by another 7% to 8% in 2013. Home prices are expected to increase 10% cumulatively over the next two years.
Despite these numbers, I understand a lot of homeowners are still hesitant. Some want to stay put and ride it out a little longer. Others may not feel they can sell in this market for a reasonable price. My advice is to consider that inventory levels are at an all time low right now. Fewer homes on the market mean less competition. Less competition makes it more likely your home will sell quicker and at a higher price.
If you’re on the fence about selling, we have some great resources for determining how much your home is worth in the current market. Or check out our monthly market reports by area here.
I’m always happy to answer any questions you may have about the local market as well. Feel free to contact me at John@PetersenPartners.com or call me at 678-478-2424.
