Atlanta Condos - Where's The Bottom?
Posted Dec 17, 2007 @ 9:32 am, Viewed by 603 Visitors, Read 619 Times.The segment hardest hit by the overall slowdown in the real estate market here in Atlanta has to be the condo market. Prices continue to slide downward, inventories remain extremely high, sales low and new condos are still coming on the market. This chart shows exactly what has happened to Atlanta condo prices over the past seven years.
The purple dotted line reflects what has happened to prices during 2007. One of the reasons sales have remained sluggish all year has to do with prices (as if that is ever NOT the case). Finally, over the last couple of months we have seen a sharp decline in the average price for condos in Atlanta. Current average pricing show that the last time prices were this low was in 2005 and that should help to get buyers back in the market, although, I won't hold my breath. The larger problem in the condo market can be seen below:
Even if sales pick up, with inventory this high, it will be some time before we get back to a place where we are in a balanced market. I think the inventroy chart provides more insight into the state of the condo market than anything else I can tell you.
If you have any questions about the condo market in Atlanta, or other questions about Atlanta real estate, please don't hesitate to give me a call at 404.630.3187 or contact me here through my blog.
I am REALTOR® serving the North Atlanta Real Estate Market including Alpharetta, Buckhead, Chastain Park, Dunwoody, East Cobb, Roswell, Sandy Springs, Milton and John's Creek. I operate the Ryan Ward Group - a full team of exceptional real estate agents and office personal to serve all of our clients with the highest level of service. If you have any questions, please do not hesitate to call or email me and I will be happy to help.
Phone: (404) 630-3187
Atlanta Real Estate
ryan (@) ryanwardrealestate.com
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Social Bookmarking4 Responses to “Atlanta Condos - Where's The Bottom?”
It's from the FMLS. They provide them.
Laz
I'm intrigued to hear your thoughts on all the additional condos going up within about 10 square blocks in the midtown area of Atlanta. 1010, Viewpoint, Trump Tower, as well as buildings whose names I don't even know on 10th btw. Piedmont and Juniper, on 11th or 12th, just south of Parc Vue...and the list goes on. It seems to me there will be several thousand brand new units for sale in the next 12 months - I know you've said you think the best deals are in new condo sales - do these still-under-construction buildings apply? And at what point do we think the midtown market is over-saturated and all this new supply will drive down prices on both new and existing condos?
Midtown is oversaturated. What was new two years ago went up 20% and now sits right about where they were when they were new and pre-construction. The luxury segment Trump, etc..will be a different animal as the buyers will not be buying for the same reasons...I would expect prices to continue to stay about where they are or drop temporarily in Midtown for anything that falls in the "condo" segment. you need to be in this market for the long term or investment (still should be long term). The days of buy early and sell are gone for now.
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What did you use for the graphing? I've been looking for a good software solution for real estate charts.