Saturday, February 7th San Carlos Condominiums in Gulf Shores, AL will be selling "absolute" which means there is no reserve, no minimum. The condos will sell for whatever the highest bid is! This is a brand new complex of 2, 3, and 4 bedroom condos directly on the Gulf of Mexico. Amenities include an outdoor pool, sauna, and fitness center. 10% down to purchase with a closing in 30 days. Call 678-360-2720 or email me for more information.

Like much of the country, Lake Lanier has seen a decrease in home prices and an even larger decrease in the number of sales. When comparing sales in 2008 to 2007, waterfront homes on lake Lanier with a dock saw an average decrease in price of only 5% but a decrease in sales of 50%. With an average 44 months of inventory, prices will need to drop further in order to reduce the supply of homes available. The average sales price in 2008 was $605,440. Of the more than 100 homes that sold in 2008, approximately 20% were foreclosures or corporate owned. Now that we have entered the slow winter months at Lanier, prices are dropping. With interest rates at a 30 year low, now is the time to buy!

I just received the September market report for Metro Atlanta and, for the first time in 18 months, there are some positive trends in the market. The number of homes sold in September of this year will surpass September of last year. This will be the first year over year increase in 18 months! The biggest reason for this is the decline in home prices. The average sales price for single family homes declined 17.7% from September of last year. The average price for condos and town homes dropped 12.8% from September of 2007. Another sign that we have hit "bottom": the number of expired listings in September of this year compared to the same time last year has decreased. This is the first time in 33 months that we have had a year over year decrease in expired listings. In addition, months supply of inventory is also improving. Historically months supply increases between August and September as we move into the fall and traffic slows. This year, however, months supply of inventory has decreased.
Homes are more affordable than they have been in years. In addition, the price of oil has dropped, interest rates remain low, and credit is being put back in the market making it a great time to buy.

In Haywood County, which includes Maggie Valley and Waynesville, the number of homes sold is down 29% from the third quarter of 2007, although we've seen a 10% increase when compared to the second quarter of this year. The average selling price increased ever so slightly to $213,862 (from $213,711 in the second quarter). This sales figure, however, represents a 14% drop in price from third quarter a year ago. The fact that the number of homes sold has increased and prices remain stable indicates that we may have "hit bottom" in this area.

In contrast, Asheville and its surrounding areas has seen a 16% decrease in the number of homes sold when compared with the second quarter and a 33% decrease when compared with the third quarter of 2007. Although the average sales price has decreased 9% since third quarter of 2007, it is actually up 1.5% from second quarter.

If you're interested in more detailed results or in a specific area, feel free to email me.

I have just completed compiling second quarter market statistics for the Metro Atlanta area and it seems that there is some positive news for a change, well, at least for the moment. When comparing the first and second quarters of 2008, the entire Metro Atlanta area saw an 8% increase in the number of homes sold and a 4% increase in price. There are currently 18 months of inventory.

Within Metro Atlanta, markets vary. For example, Alpharetta saw an 18% increase in the number of homes sold and a 2% increase in price (with 14 months of inventory) while lake front properties on Lake Lanier saw a 10% decrease in the number of homes sold and a 9% decrease in price. There are currently almost 44 months of inventory (down from 48 months only a couple of months ago). Optimism should be guarded, however. This is typically one of the busiest times for real estate in Atlanta and with oil prices and the number of foreclosures rising, we are likely to see a slower summer and fall. Additionally, although the number of homes sold has increased in many areas, this number is still less when compared to the second quarter of 2007, and prices, in general, are lower as well. As always feel free to call or email if you'd like to know how your town or community is doing.