Midtown Atlanta Market Report May, 2016
Not your typical Midtown Atlanta Market Report. I was just curious….how many condominiums have gone Under Contract in the Midtown area (Area 23 according to the FMLS stats) in the last 60 days?
Not sure if you would consider this a high number or a low number…but given the fact of the minimal new construction, most of the sale have to be resales, with the exception of some higher price points which take you into some new townhome developments in Old Fourth Ward, the number is….
187
In the last 60 days, 187 condos/townhomes have gone Under Contract, ranging in price from a high of $1,190,000 for Unit #2402 at Aqua Midtown, and $1,100,000 for #3003 at 1065 Midtown Loews to the lowest point of $84,900 and $97,900 for two 1 bedrooms at City Heights on Ralph McGill Blvd. (also Old Fourth Ward area)
How many of those condos sold for less than $100,000? The two I just listed were the ONLY two under $100,000.
And here’s the breakdown of the rest by dollar amount:
| $100,000 | $200,000 | 61 |
| $201,000 | $300,000 | 60 |
| $301,000 | $400,000 | 27 |
| $401,000 | $500,000 | 12 |
| $501,000 | $600,000 | 4 |
| $600,000 | + | 21 |
Of interesting note…over 50% of the sales have been in the $300,000 or less price range!
Then you look at the number of sales that are OVER $600,000. 21 homes may seem like a large number in 60 days, but several of these sales were in new construction communities like Highland Park, Square at Glen Iris and The Edge on Lucy Street. The Edge only has 4 units, and 3 of them went Under Contract in the last 60 days! Interesting!
How long were these homes on the market? Again, today is May 17th, 2016 (in case you find this report at a later date!) and we see listing dates as far back as September, 2015. But then others have late April listing dates.
Location, location, location still plays a major factor in real estate. We are in a hot Seller’s market with limited inventory, so the Seller is in the driver’s seat on many fronts. Yet, you can find listings that have been on the market for as long as last August. but the majority of them have gone Under Contract in 30-60 days from the listing date.
To see the complete report of the Midtown Atlanta Market Report, May 2016, click here.
