SUWANEE TALK!

What a pleasant surprise to see December '08 out-perform November '08. In November we saw only 2,471 detached family units sold while in December we finished with 3,212 units. Not bad for a month usually devoted to Holiday shopping, parties and time with family and friends. Just as interesting, is an increase in average pricing: $204,800 in December while November average sold price was $196,833.

Attached single housing faired about the same:  December closed with 476 units while November '08 closed with 367 units. And, pricing on attached single family homes also followed suit with the detached: December '08 the average sales price - although well below December '07 - was $168,436 ahead of November '08 coming in at $160,453.

So let's take a look at December numbers:

According to a January 27, 2009 article in the Atlanta Journal Constitution by Michael Kanell and Kirsten Tagami, nationally home sales were up 6.5 percent from November to December. However according to the same article, Steve Palm, president of SmartNumbers (Marietta research firm), stated sales for the Atlanta area were down 14 percent December '08 compared to the same time one year ago. The overall concensus is that the lower interest rates are definitely encouraging buyers to go out and buy! Even though we are only looking at a one month increase, after the year we have just had I think we will all agree...WE'LL TAKE IT!!!!

"Act as if you have already achieved your goal and it is yours."  - Dr. Robert Anthony

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SUWANEE REAL ESTATE MARKET 2008 vs. 2007

SUWANEE SOLDS 2008 Sold Homes: 823 Highest Price: $5,500,000 Lowest Price: $ 60,000 List to Sale Ratio: 95% Days on Market: 102     SUWANEE SOLDS 2007 Sold Homes: 1121 Highest Price: $3,020,000 Lowest Price: $ 119,000 List to Sale Ratio: 97.3% Days on Market: 82     2008 Breakdown Foreclosures: 111 Corporate Owned: 74 Owner Transfer: 53 New Construction: 210 Lease/Purchase: 25 Resale: 350 2007 Breakdown Foreclosures: 37 Corporate Owned: 44 Owner Transfer: 73 New Construction: 272 Lease Purchase: 21 Resale: 674 2008 vs 2007 Breakdown By Category CATEGORY Foreclosures: Corporate Owned: Owner Transfer: New Construction: Lease/Purchase: Resale: % CHANGE ↑200% ↑68% ↓27% ↓23% ↑19 ↓48%

SUWANEE SOLDS 2008 vs 2007 By COUNTY Gwinnett Forsyth Fulton 2008 541 267 15 2007 741 355 25 % Change ↓27% ↓25% ↓40% Information has been collected from the First Multiple Listing Service (FMLS). Data is believed to be accurate at the time of collecting data, but is not guaranteed.

MY SUWANEE HOME.com

Baby it's cold outside! And, many would say the same for the 2008 Atlanta real estate market.  The 2008 real estate market will have its own place in history....and, our memories.  But now it is time to put 2008 up on a shelf and look forward, with optimism, to 2009. 

If you are buyer or a seller and you are trying to read the crystal ball to determine when is the best time to buy or sell, here are some predictions from the CEO of Prudential GA Realty (this was also shared in my earlier post Atlanta Market, October, 2008 Recap).

Dan Forsman, CEO/Prudential Georgia Realty looking forward predicts:

1. New home builder starts will remain very low the remainder of 2008 into 2009
2. As a result of low new homes starts, the inventory of re-sale and bank owned properties will begin to be absorbed
3. Foreclosures that become bank-owned properties will continue to impact our market the remainder of 2008 and 2009
4. Excess single home inventory will be absorbed and levels back to normal by 2010
5. New home starts will increase but at a slower pace in 2010 through 2012
6. Home values will remain flat through the remainder of 2008 and through most of 2009
7. Home values should start increasing in 2010 and 2011 as inventories decline and population grows
8. A Sellers market to return in the spring, 2011

Rates as of December 18:
                   FNMA 30 year fixed (720+ credit)  4.750% 
                   FHA 30 year fixed  5.00%

So what can one take from all this? 

If you are a buyer, these rates are so phenomenal you can be assured as the economy and housing market improves (and they will!) you will never see these rates again. For that matter, these rates will probably be short-lived; and, you will see the return of a seller's market. Current inventory levels make home buying a "smorgasbord of choice"! And, sellers are negotiating on price like never before to get their homes sold!  So from my perspective...."What are you waiting for?" 

So after just saying this you may be asking: What if I'm a seller? I might not be too impressed with the forecast predictions noted above." However, keep in mind, doesn't it stand to reason, what you loose on the sale side you should make up for on the buy side? And in addition, you too, will benefit from these great mortgage rates and enjoy selecting from the "smorgasbord of choice"!  

Either way, if waiting is your current strategy until you see "improvement" in the market, you should be prepared to pay more and experience higher interest rates. Even in these apparent difficult economic times, you can find a silver lining: Interest rates, inventory selection and price!  So if you have been sitting on the fence not sure when to make the "move"....in my opinon...."What are you waiting for?"

Some statistics to share with you:
•·         43,442 homes sold in Atlanta market since the first of the year
•·         Average days on market:  94

Homes are selling...and, you can look for my recap of 2008 for Atlanta and Suwanee early next year.

Additional Information:

Atlanta Real Estate 2008

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