Midtown Atlanta Market Report May 2016

May 17, 2016 by Thom Abbott

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.

Midtown Market Report | July 2015

August 30, 2015 by Thom Abbott

Midtown Market Report | July 2015 | $300-400,000

As we continue to take a look at the sales for July, 2015, let’s see the activity in the price range of $300,000 to $400,000 in this Midtown Market Report.

ACTIVE LISTINGS

When you consider the size of Area 23, this is NOT a large inventory of condominiums in this price range. These prices, however, will get you into buildings such as Luxe, White Provision and the Mayfair Renaissance, to name just a few.

PENDING (UNDER CONTRACT) LISTINGS

An interesting note on the homes that are Under Contract. Only one listing showed a price adjustment from what it was originally listed at! This would mean either agents have got Sellers pricing their homes right and they don’t need price adjustments to sell, or that since inventory is so low, there is no need for a price change since the home goes Pending so quickly!

SOLD!!

Ah, but now when we look at actual sold numbers, what homes were originally listed for, we see some difference in the Original List Price vs. the Sold Price. But, Seller’s are getting about 97% of what they are asking for their Midtown Atlanta condo.

You can find all of our Midtown Atlanta Market Reports HERE!

Market Report Note — When we do a Market Report, please keep in mind it is a snapshot, taken on a specific day, based on specific criteria we ask for from FMLS. It can change the next day. If you are considering Buying or Selling, we can give you more specific information about a neighborhood or a specific condo building.

Midtown Atlanta Market Report | July 2015

August 24, 2015 by Thom Abbott

Midtown Atlanta Market Report | July 2015 $200-300,000

Midtown Atlanta condominiums really do come in all shapes, sizes…and prices. Let’s take a look at the sales for July, 2015 for condominium sales with a price range of $200,000 to $300,000.

Active Listings

67 condominiums are on the market in Area 23 (Of which the majority of Midtown Atlanta is in based on the FMLS) If you are looking for a 2 bedroom, and think you can’t find one under $300,000, a look at the listings shows numerous 2 bedroom options, mind you not all of them are in the central part of Midtown. But we did see listings in buildings like Park Central, Mayfair Tower and Peachtree Walk.

Pending (Under Contract) Listings

Just 16 homes are showing Under Contract. Keep in mind, we specifically pull those listings that went Under Contract during the month of July. There are actually 61 homes Under Contract in Area 23.

SOLD!

Here we get a bigger picture of the market….and we had a couple interesting bits with Days On Market! There was one listing with a ZERO, and the average in July, 2015 was just 21 days on the market! WOW! In comparison, in July 2014, there were 33 homes sold at an average of $247,572. While the Average Sales price is down for July of this year, I’m not concerned. It just means there were Buyers out there that picked up the low hanging fruit!

So, why did YOUR home not sell?

There can be a number of reasons, but in Midtown Atlanta condominiums, it usually has to do with your floor plan (we do have some not-so-well-thought out floor plans) or perhaps the view (both the floor and what you see out the window/balcony) and there is certainly price. If your home is on the market at Price “X” and it’s not selling, and you are not making a price adjustment, you will be ON the market. That market is telling you we are not willing to pay you what you are asking, or perhaps even make an offer at the price you have.

If you would like to see other July, 2015, Market Reports, just bookmark this post, and we will add links as we complete them.

Midtown Atlanta Market Report | July 2015 | Under $200,000

Top Ten Selling Midtown Atlanta Condo Building for 2014

May 8, 2015 by Thom Abbott

I’m not quite sure what happened to this year! I mean, here it is ~~April~~ May, and I’m just getting the 2014 Top Ten Selling Midtown Atlanta Condo report out! Yikes! But it is interesting to see the changes and how things have ranked. I’ve also noted the rankings from 2013 and 2012 alongside the name of each building. There will be links at the end of this post to the 2013 and 2012 posts!

10. Windsor Over Peachtree (Not ranked in the Top Ten for 2012 or 2013)

15 One Bedroom Homes — Sales Price from $56,000 – $84,000 — Average Sold Price: $73,600
7 Two Bedroom Homes — Sales Price from $95,900 – $167,500 — Average Sold Price: $147,486

9. A Three-Way Tie —

M West (26 Homes Sold) — 1 One Bedroom home at $199,900; 24 Two Bedrooms Sale Price Range $201,900 – $281,500 — Average Sold Price: $232,877; One 3-Bedroom Sold at $310,000
Dakota (26 Homes Sold) — 4 One Bedrooms Sale Price Range $242,000 – $274,900 — Average Sold Price — $257,200; 22 Two Bedrooms Sale Price Range $307,000 – $461,000 — Average Sold Price — $382,225
Tuscany (26 Homes Sold) — 14 One Bedrooms Sale Price Range $145,500 – $165,000 — Average Sold Price — $156,421; 12 Two Bedroom Homes Sale Price Range of $202,500 to $258,500 and the Average Sold Price was $230,033.

For 2012 and 2013, M West and Dakota Condominiums were not in the Top Ten. Tuscany was 9th in 2012 and 10th in 2013!

8. Cornerstone Village (28 Homes Sold) #7 in 2013 and #8 in 2012

21 One Bedroom Homes with a Sale Price range from $95,000 – $175,000. Average Sold Price — $131,981
7 Two Bedroom Homes with a Sale Price range from $193,500 – $239,000. Average Sold Price — $219,957

7. Peachtree Lofts (32 Homes Sold) (Not ranked in 2013 and #7 in 2012)

25 One Bedroom Homes with a Sale Price range from $115,000 – $197,500. Average Sold Price — $155,469
7 Two Bedroom Homes with a Sale Price range from $184,900 – $272,000. Average Sold Price — $239,629

6. Spire Midtown (40 Homes Sold) (#5 in 2013 and #4 in 2012)

31 One Bedroom Homes with a Sale Price Range from $160,000 – $265,000. Average Sold Price — $195,868
9 Two Bedroom Homes with a Sale Price Range from $319,000 – $395,000. Average Sold Price — $344,788

5. Park Central (42 Homes Sold) (#3 in 2013 and #5 in 2012)

21 One Bedroom Homes with a Sale Price Range from $149,000 – $180,000. Average Sold Price — $167,338
21 Two Bedroom Homes with a Sale Price Range from $199,000 – $245,000. Average Sold Price — $234,180

4. A Two-way Tie –(43 Homes Sold Each)

Mayfair Renaissance/Tower — 17 One Bedroom Homes with a Sale Price Range from $130,000 – $225,00 and the Average Sold Price — $172,994. There were 26 Two Bedroom Homes with a Sale Price Range of $190,000 – $500,000 with the Average Sold Price being $290,535. (#9 in 2013 and #10 in 2012)
1010 Midtown — 15 One Bedroom Homes with a Sale Price Range from $242,000 – $290,000 and the Average Sold Price — $277,167. There were 26 Two Bedroom Homes with a Sale Price Range from $390,000 – $734,900 and the Average Sold Price was $517,875. Additionally, there were 2 Three Bedroom homes that sold at $670,000 and $880,000, giving them an average Sold Price of $775,000. (#1 in 2013 and 2012)

3. Viewpoint Midtown Atlanta — (54 Homes Sold) (#2 in 2013 and #3 in 2012)

14 One Bedroom Homes with a Sale Price Range from $185,000 – $259,000 and the Average Sold Price – $228,214.
39 Two Bedroom Homes with a Sale Price Range from $239,000 – $414,000. Average Sold Price — $331,297
One Penthouse Home sold at $874,900.

2. Plaza Midtown (57 Homes Sold) (#6 in 2013 and 2012)

22 One Bedroom Homes with a Sale Price Range from $178,395 -$241,000. Average Sold Price $200,882
35 Two Bedroom Homes with a Sale Price Range from $255,000 -$380,000. Average Sold Price $325,611

And the Number One Selling Midtown Atlanta Condo building for 2014 is….

1. Metropolis Midtown (58 Homes Sold) (#4 in 2013 and #2 in 2012)

42 One Bedroom Homes with a Sale Price Range from $132,400 -$250,000. Average Sold Price $184,153
16 Two Bedroom Homes with a Sale Price Range from $227,00 – $323,000. Average Sold Price $280,088

During 2012 and 2013, 1010 Midtown had the most inventory and it was the only new construction option available in Midtown. Hence, the reason they held onto that #1 position for two years! But now you can see the shift in what is selling!

If you have any questions about the market in general, or perhaps your building specifically, please contact me. I’d be happy to answer any questions you may have.

Top 10 Midtown Atlanta Condo Buildings 2013

Top 10 Midtown Atlanta Condo Buildings 2012

How Is The Atlanta Real Estate Market?

May 6, 2015 by Thom Abbott

Ah yes.

When you are a real estate broker, if it’s not the first question you are asked in any conversation, it will certainly be the second one….

How Is The Atlanta Real Estate Market?

I think I could safely say “It’s on FIRE!” and be pretty accurate. But take a look at some numbers that recently appeared in an article in the Atlanta Business Chronicle to give that statement further fuel.

In March, 2015:

Average Sale Price: $245,000*
Average Days on Market: 52*
Months of Inventory: 3.1*

A stable market is about 6 months of inventory…with this kind of Inventory, this is truly a SELLER’s market! Just ask any BUYER that tries to make an offer on a Midtown Atlanta condo…if they even get their offer in!

So let’s go back in time….to 2010…

February 2010 Average Sale Price: $180,000*
February 2010 Average Days on Market: 88*
February 2010 Months of Inventory: 18.7*

Yeah…just LOOK at that inventory….if you were a Buyer then…you had some homes and condos to look at for sure! But it did not stop there, by August, 2011, the average Sales Price in Metro Atlanta was a mere $135,000!!!

Here is another sign of the Atlanta Real Estate market rebound. I just sold a Midtown Atlanta condo to parents of a student at Georgia Tech. The Seller paid $78,000 in 2012 and we just paid $133,000! That’s a nice $55,000 profit in less than three years!!!

But the challenge we now face, especially in the Midtown Atlanta condo market is a lack of new construction. All those cranes you see dotting the skyline are for apartment buildings…RENTALS!!! The only new condo construction in Midtown, is currently starting in the mid to upper $700,000 range. Those are not prices for every condo buyer!

I’ve got several buyers right now in the waiting mode, and watching inventory daily for them! Looking for that right one to hit the market!

How Is The Atlanta Real Estate Market? Yeah…it’s on fire alright!

*Based on stats for residential attached properties in Atlanta North, Sandy Springs, West Cobb and Dekalb West in all price ranges as reported by FMLS on April 3, 2015, for the period of Feb. 1, 2007-Feb. 28, 2015.

Why Is Midtown Atlanta Inventory So Low?

April 7, 2015 by Thom Abbott

This is a question/challenge I face daily when working with Buyers that are looking to purchase a Midtown Atlanta condo. After viewing properties in an afternoon, the question often comes up, “Is that all we are going to see?” My reply is often, “That is all there IS to see!”

Why Is Midtown Atlanta Inventory So Low?

I’ve attached a link below to an article that recently appeared on the website Inman News which is real estate news for real estate agents. Always good stuff and very informative. However, as I am sure you have heard, real estate is local, local, local. So while this article gives you that 30,000 foot view of the market and conditions nationwide, I wanted to touch two points that relate to Midtown Atlanta…

Value Disruption/Reset in 08/09

As the article states, between 2007 and 2010, we saw a major change in values in Midtown Atlanta. Condos that originally sold for $350,000 were selling in foreclosure for $190,000! Prices have returned to the higher values, so those that purchased at the high price, may now finally be able to sell their condo and not be “under water” in terms of the value. Those that snapped up at that $190,000 certainly are ready to move, but….

Where Would I Go? (Move Up) and Stunted New Development

A quick glance at the Midtown skyline gives one the impression of “Wow, look at all those new condo buildings going up!” Ahhhh…not so fast. All those cranes you see are producing a bumper (maybe even an excess) crop of rental apartments, NOT condominiums For Sale! For the Midtown Atlanta condo buyer, a primary reason for a move, is to move into the latest and greatest new building. But what do you do, or where do you move, when you don’t have ANY new buildings?

Current Midtown Atlanta condo construction is limited to a couple buildings and townhome developments and those prices start in the $700,000 range. That might be a bit more of a “move up” than many buyers can afford.

So, when we are out looking at Midtown Atlanta condos for you to purchase, it’s not me giving you any kind of “salesperson pressure” to make a decision. It’s the market telling you, make that offer now, or it may be gone while you think about it.

Here is a link to Why Is Housing Inventory So Low?

Midtown Atlanta Market Report May, 2016

187

Midtown Market Report | July 2015 | $300-400,000

Midtown Atlanta Market Report | July 2015 $200-300,000

And the Number One Selling Midtown Atlanta Condo building for 2014 is….

1. Metropolis Midtown (58 Homes Sold) (#4 in 2013 and #2 in 2012)

How Is The Atlanta Real Estate Market?

Why Is Midtown Atlanta Inventory So Low?

Value Disruption/Reset in 08/09

Where Would I Go? (Move Up) and Stunted New Development

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