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Friday, March 30, 2012

FoCo Foreclosure Trends-Are we out of the woods yet??

Seems everyone is talking about how good the market is for buyers right now, but how good is the market for sellers??

                                                 Trammel Road Mansion off Hwy 20

Inventory in the Atlanta Metro is at an all time low of 42K houses on the market today from an all time high back in 2006 of over 100K homes on the market.
  • Sellers are experiencing multiple offers on well priced homes in great condition.
  • Financing rules are starting to get a teeny bit more flexible.
  • New Construction starts are really on the upswing.
  • Average days on market is decreasing
  • Job Growth is climbing
So what about the distressed homes we see and hear about all the time?  In the metro area, 4th quarter distressed sales climbed 8.4% higher than the same quarter in 2010.  Was that the top of the foreclosure market here in Atlanta....yet???

For 2011, Forsyth County had close to 600 properties close as foreclosures/lender owned with the highest being that famous mansion on Trammel Rd. for $9.5 million to an unfinished home on Freeman Rd. for $12,500.  Average days on market for these homes was 72 and average sales price was $194,109.

Currently there are 105 active foreclosure/lender owned homes on the market out of a total of 1276 overall homes on the market in FoCo. 

The above RealtyTrac chart shows that 1 out of every 297 housing units in FoCo is distressed. RealtyTrac is also showing a downward trend in current foreclosure listings in the country overall 

The chart below for Forsyth County indicates that when the inventory of foreclosures tightens in an area the prices start trending upward as they have in FoCo since the beginning of 2012.  From RealtyTrac.

So, Mr. & Mrs. Seller in Forsyth County:  Average sales prices are trending up, both for distressed and non-distressed properties according to the graph above.  Inventory is low.  If you are priced correctly and your home is in great condition, you could be moving sooner rather than later!
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