RealtyPin.com's real estate focus on Atlanta: Will Atlanta's Housing Market be "Peachy" in 2013?
LOS ANGELES, Nov. 29, 2012 /PRNewswire-iReach/ -- Real estate has long been a hot commodity in "Hotlanta", but similar to most other major metropolitan areas, Atlanta's housing market has fallen off in recent years. Although the real estate industry hasn't fully recovered in Atlanta yet, it's well on its way, which could spur a much-needed economic recovery in the Peach State's biggest city. Home sales are on the rise in both metropolitan Atlanta and in the surrounding suburbs. While the average listing price has dropped in recent months, the median sales price is on the rise. From August to October, the three-month median sales price in Atlanta was $175,000. That's a 4.5% increase (a difference of $7,500, to be exact) from the same time period last year. Those figures are based on the 2,115 sales that took place during that timeframe, which is a 0.6% increase in number of home sales.
The number of new foreclosures in the market is down (meaning local banks are having to seize fewer homes), while the number of existing foreclosure sales continues to increase. That's because several private equity firms have reportedly swooped in to purchase many foreclosed properties before the market makes a full recovery. Midtown and North Buckhead remain among the neighborhoods that are most popular among sellers and buyers, with average listing prices of $319,640 and $851,127, respectively. Virginia-Highland and Druid Hills neighborhoods are also experiencing increased home sales, but if properties in those communities are out of your price range, there are plenty of affordable options also currently listed in DeKalb County, especially in the Tucker area.
According to local sources, the Fulton County Board of Commissioners is planning to sell six properties for possible residential development in southwest Atlanta. While that's good news for that side of town, residents in other communities are opposed to growth in their area. On the east side, homeowners in Grant Park, Ormewood Park, and Glenwood Park have been very verbal about their concerns that additional residential development in the area would increase traffic through their neighborhoods. Despite those residents' concerns, developers are still targeting that region of the Atlanta for new construction. In Stone Mountain, it's not about new development, but refurbishing an old eye sore. The Colony is a closed-down apartment complex where recent fires and crime have made it concern for nearby residents, but a new owner from Florida is promising a makeover, saying they will turn the property into an upscale senior housing, complete with a golf course.
While not as drastic as that, minor aesthetic improvements ($82 million worth) are currently underway in Midtown. The Midtown Alliance's Cityscapes project is all about improving sidewalks, adding more street lights and trees, and other public improvements along ten major corridors. So what does all of this mean? All in all, the housing market is improving in Atlanta. Increased number of sales and a rise in the median sales price mean more homes are selling, and at higher prices than they were last year. More homes being listed on the market also means there are more options for buyers to choose from, which should also boost sales figures in the months to come. Atlanta's communities and homes are as diverse as its population, so there's something available in everyone's price range. New developments, like the ones the county commissioners are hoping for, means there will be more new construction homes available in the near future. Improvements to cityscapes, like those taking place in Midtown, and to dilapidated properties, like The Colony Apartments, will make the city and its surrounding communities safer and more welcoming to potential new residents. In other words, if you're looking to relocate from out of town, or move within town, Atlanta is definitely a "peachy" city that you might want to consider.