November 2017 Real Estate Update11/20/2017
BERKSHIRE HATHAWAY HOMESERVICES
REAL ESTATE ADVISOR – NOVEMBER 2017
We are providing this monthly real estate advisor to keep you informed about the latest trends and issues in the real estate market. Remember that real estate is local and every market is different. Contact us to find out the specific details for your local area. If you know someone else who might be interested in receiving this report or who may benefit from our expertise, please let us know. Better information helps our clients make better real estate decisions!
Hurricane Irma slowed contracts in September but we rebounded in October to stay on track for a positive year in real estate. Below is the summary for Metro Atlanta through October 2017.
- Metro Atlanta real estate is the tale of three different markets. The entry-level market has strong demand and very low inventory. There are many multiple offers and values are rising faster than other segments. The middle market is showing normal signs of supply and demand. The luxury market remains a buyer’s market with buyers negotiating better pricing and terms.
- October pendings were up 12.5% from last month and up 12.6% from the prior year. October closings were down 7.6% from September and up 2.7% from the prior year.
- Year-to-date pended sales units through October were up 4.2% versus last year. Year-to-date closed units were up 4.4%. Year-to-date closed sales volume was up 9.5%.
- The average sales price for October was $290,000 – up 2.5% from last month and up 7.8% from last year. 2017 is on track to be the highest average sales price on record.
- Listed inventory for October was down 4.8% from last month and down 9% from last year.
- Overall months of supply for October was 3.4 months. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 14.6 months and properties over $2 million averaging 28.8 months to close. These numbers indicate a seller’s market under $500,000 and a buyer’s market over $1 million.
- The latest Case-Shiller Index for Atlanta (10/31/17) was up .24% (statistically flat) compared to the previous month. Metro Atlanta home values are up 69% from the bottom of March 2012. Increased home values are building equity and getting sellers back into the market.
- Visit HomeServices Lending for the latest mortgage rates. Ask about our Second Opinion program with $100 gift card for a free look. Over 84% of clients who tried the Second Opinion Program closed their loan with HomeServices Lending - because they found a better deal!
Click here for a more detailed set of charts including the National Real Estate Market, Metro Atlanta Real Estate Market and Trends for Georgia Real Estate.
As we all get ready to celebrate our modern versions of Thanksgiving, we thought you might find it interesting to recall the history of this event.
The History of Thanksgiving: In 1620, a small ship called the Mayflower left England seeking a new home where they could freely practice their faith, pursue prosperity and own land. After 66 days of treacherous seas, they anchored near Cape Cod which was far north of their intended destination at the mouth of the Hudson River. They called their new home Plymouth and began the process of building a town. During the harsh winter, most of the colonists remained on the ship where they suffered from many afflictions. Only half of the original passengers lived to see the next spring. In March, they moved ashore and met a Native American named Squanto. The Pilgrims had been weakened by malnutrition and illness. Squanto taught them how to cultivate corn, extract sap from maple trees, catch fish in the rivers and avoid poisonous plants. In November 1621, the Pilgrims first corn harvest proved successful. Governor William Bradford organized a celebratory feast. The colonists and Indians celebrated for three days in what is now recognized as the "First Thanksgiving."
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