We recently attended the Greater Atlanta Home Builders Association’s Builder/Developer Council Market Update with Metrostudy and learned some very interesting stats about Atlanta’s improving economy and housing market. It has become very clear that the Atlanta real estate market has rebounded over the past 18 months.
Current surveys show that more people are indicating they are going to buy a new home in the next six months than anytime in the last five years. This demand has created a very strong seller’s market with only a 3.7 months supply of new homes available. Most of our homes are going under contract during construction and typically close within days of receiving a Certificate of Occupancy. Foreclosure inventory is also down 15% over last year and foreclosures today are lower than long term averages.
Penske Truck Rental reported that Atlanta is their number one market for people leasing trucks to move to Atlanta. In the 10 county metro Atlanta region, in-migration netted 40,000 people last year.
Economists are projecting that actual new starts will be up 20% in 2014 and 15% in 2015.
The job market continues to improve in Atlanta as 59K new jobs were added last year. Atlanta is the sixed best Metropolitan Statistical Area for job growth in the country. All of the jobs that were lost during the downturn/recession have been replaced.
Epic Development is currently building in Brookhaven, Buckhead, Kirkwood, LaVista Park, Old Fourth Ward, Ormewood Park and Virginia Highland. View all the details of our current listings here. For more information about homeownership or real estate investment in Atlanta call Jim LaVallee at 404-847-9080 or write Jim@EpicDevelopment.com. For more information about commercial real estate operations or investment visit EpiCity.com.