Grant Park Home Sales Report | 2Q 2013
Single Family Homes in Grant Park | Atlanta, GA | 30312
Data extracted by Kerry Lucasse from the Atlanta FMLS on 07/8/2013. Information may change without notice and data is deemed reliable, but not guaranteed.
GRANT PARK HOME SALES
Grant Park home sales in 2Q were more than double when compared to the “bottom of the market” years (2009, 2010 and 2011) and is up about 8% from second quarter of last year (37 vs 40 homes sold).
Please note that the number of homes sold many be a little low, as many homes around Atlanta sold before they were officially listed in the multiple listing service.
HOME VALUES / AVERAGE SALES PRICES
We are thrilled to report that the 2Q average home sales price in Grant Park is WAY up — the highest it’s been in 5+ years! At $281,574, this is almost $70,000 more than the average sales price at the same time last year. It is also $10K higher than 2008.
We don’t know how long this trend will continue, but we’re sure that many Grant Park home owners who purchased at the peak of the market are breathing a sigh of relief.
The 2Q 2013 home sales prices ranged from $95,000 to $680,000.
LISTING PRICE VS FINAL SALES PRICE
The average original listing price to final sales price was almost 97% — or another way to look at it is the buyers were getting about 3% off the asking price on average. We haven’t seen this number in at least 6 years and it is due in part to the shortage of housing inventory in Grant Park. When there are fewer homes on the market and bidding wars, buyers are much more inclined to pay at or close to the full asking price.
35% of the homes sold at or OVER the listing price! More than half sold at 99% or more of the asking price.
SELLERS MARKET OR BUYERS MARKET?
There is no doubt that Grant Park is in a Seller’s Market — currently, the absorption rate is 2.6 months.
What does that mean? The absorption rate calculates housing inventory versus demand. If no other homes were listed in Grant Park, the inventory of available homes would be depleted within 2.6 months. A balanced market is 5 months worth of housing inventory.
HOW LONG DOES IT TAKE TO SELL A HOME?
If you are thinking of selling your home, understanding how long it will take is always so important. The good news is that if you price your home correctly (at fair market value), it should take less than 10 days to get an offer in today’s real estate market.
Homes are selling in half the time, compared to last year – 42 vs 108 days on average. This is another record! Even in 2007 and 2008 homes didn’t sell this quickly.
For those Grant Park homes that were priced, staged and marketed correctly, 55% sold in 11 days or less.
THINKING OF SELLING YOUR GRANT PARK HOME ?
If you would like to learn more about our home marketing and listing services and/or get a better understanding of the current market value of your home, please don’t hesitate to call us at 404.432.1844.
Posted by: Kerry Lucasse :: Grant Park Real Estate Specialist
Ian Marshall Realty :: Nest Atlanta Real Estate Group
Call anytime @ 404.432.1844
All information contained in this blog is deemed to be reliable but not guaranteed. If you need real estate assistance, the Nest Atlanta team is always available to assist you with your residential real estate needs!