ATLANTA REAL ESTATE MARKET
The first quarter of 2017 should be strong for the real estate market as buyers and sellers make a move now that the election is over and they hustle to purchase before mortgage rates increase any more. Overall, experts are predicting a slowing, yet moderate growth for the national housing market with a change in the demographic composition of who is buying homes and post-election market changes.
Atlanta’s consumer confidence in housing has reached an all-time high, according to Fannie Mae.
The net share of Americans who believe that now is a good time to buy a home spiked 11%, the share who believe it’s a good time to sell rose 7%, and share of Americans who report a significant increase in their household income rose 6 4%.
Atlanta real estate market on new home closings market jumped year-over-year, and the market seemed to be hinting at strengthening with a percentage bump more robust than last year. There was a 10.1% jump in new home closings from a year earlier.
As a percentage of overall housing closings, new home closings accounted for 11.3% of overall housing closings. They make up 11.1% of closings a year earlier.
Atlanta real estate market on foreclosures and real estate owned (REO) closings continued to drop from a year earlier, but did not look to be a burden on the market. Forecast predicts that foreclosures will continue to drop.
The average value for new homes sold in 2016 was $328,807, a move from $441,676 a year earlier. This followed a 2.9% gain year-over-year
The average unit size of newly sold homes remained steady year-over-year at 3,088 square feet in 2016. The average size of sold homes moved from 3,136 square feet in 2015 to 3,099 square feet in 2016.
To view homes for sale in Atlanta GA, visit www.Homes4SaleInAtlanta.com or call Regina Ambrose, Associate Broker, Chapman Hall Realtors, 678-613-5636. Regina Ambrose has over 17 years experience in the Atlanta’s real estate market!