The real estate market is is full bloom and under contract signs are creating a summer bouquet.
There was an 4 percent increase in the average price of a home based on a comparison of the first five months of 2013 to the same period in 2012. Low inventory and low interest rates continue to be the theme and a great buying season means we will all reap the benefits of a good market.
Let’s look at where we are, compared to this time last year,
Inventory remains low. There are currently 90 homes on the market in Peachtree Corners. Compare this with this time last year when there were approximately 100 homes available. To view these homes go to PeachtreeCorners.com the place to go for Peachtree Corners homes.
Year-to-date 131 homes have sold in Peachtree Corners. There were 121 in the same period in 2012.
There are 79 pending sales in Peachtree Corners. That means the sellers have accepted contracts on their homes but there are still steps to take before the sale closes. Loans have to be approved and appraisals have to come in at or above the sales price in order to close in most cases. Some of these have contracts waiting for inspections to be completed.
There is a 3.4 month supply of homes available for sale. That is down slightly from last month which had a 4 month supply.
I know that our garden is in full bloom in this market but the demand still exceeds the supply. Some are finding it necessary to lease as they wait for the right home to come on the market.
We still fight the appraisal battle. Appraisers do not have a way to factor in the changing market so they are controlling values. Values were always based on what a seller wants to pay and a buyer wants to pay.
We now have buyers ready to pay the market price for a home that meets their needs. The buyer knows the market has changed, so a large percentage are comfortable paying over appraisal price and eventually that will help our market. Unfortunately some buyers cannot do that so they have no choice but to terminate. We will follow appraisals and will be excited when we can share with you that the appraisal values are supporting the new market values.
See you at the Peachtree Corners Festival June 8th and 9th.
Peachtree Corners Open Houses this week:
Click here for more news on Peachtree Corners homes for sale, a mortgage calculator plus tips on selling or buying a home.