The Atlanta real estate market continues to have twists and turns. With the end in sight for the housing tax credits, it was anticipated there would be a higher jump in activity as the clock clicks downward....not so much. Closings for all single family homes was up only 8% from one year ago.
According to Steve Palm with Smart Numbers:
- There was a surge of homes going under contract for the month of March. So it seems reasonable to expect that closings, particularly for April will see an increase compared to April 2009.
- Inventory levels also seem to be hitting more of a "seasonal" norm for the Atlanta market.
- And, new construction seems to be on the rebound - Metro Atlanta permits are up almost 50% the first quarter of 2010 compared to first quarter 2009 - 1900 permits issued first quarter 2010 vs. 1270 permits first quarter 2009.
So after the last few years being in a tail spin it may be true what the experts are saying...."We have seen the bottom." How long it will take to see a full recovery - as in property values etc. only time will tell.
Here is a look at the numbers for metro Atlanta for March 2010:
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