Last week, we attended the Builder/Developer/Lender Council Meeting of the Greater Atlanta Home Builders Association. We always find these meetings very informative about what’s going on in the Atlanta market. Here are some key points that Metro Study provided at the meeting.
- The resale inventory is 4.3 months up from a low of 3.2 months. A stable market is considered as high as 6-7 months supply.
- New home inventory is a 2.7 months supply (all new home listings) and finished but vacant inventory is 1.5 months. These are still low relative to long term averages.
- REO sales are down to 16% from 24% a year ago. The median closing price was $235K, now it is up 110% to $260K.
- Quarterly new starts for new homes is 4,521 with quarterly closings at 4,000. The northside of Atlanta is 78% of the activity. The southside is starting to increase as the foreclosures have finally cleared the market.
- Townhome starts on the northside of Atlanta are up 55% on an annualized basis due to no one building this product for many years.
Epic Development is currently building in Brookhaven, Grant Park, LaVista Park, Old Fourth Ward, Ormewood Park and Riverside. View all the details of our current listings here. For more information about our homes, contact Scott Eaves at (404) 518-3820 or scott@epicdevelopment.com.