Atlanta Home Price Rebound Percentage Not Too Shabby at 94.86%!
According to Homes.com, about 55 percent of the top 300 housing markets in the US have now fully recovered lost values since the housing crash of 2007-2012. And as you will see below, Atlanta has recouped almost 95% of its post crash high home price levels – even more equity recoup has occurred with the right homes in the right areas!
Homes.com®, released its July 2015 Local Market Index, a price performance summary of repeat sales in the top 100 markets, and the companion Midsize Markets Report for the next 200 largest markets. Among the nation’s top 300 markets, 166 or 55 percent have now achieved full price recovery — 24 more than the 142 markets reported in June.
We’ve reached an important benchmark in the U.S. housing market with the majority of the nation’s top 300 markets recovering at least their peak prices. Most homeowners in these markets have now regained lost equity from the housing crash, and we’re seeing good progress toward restoring equity to the remainder of the nation,” said David Mele, president of Homes.com.
Southern Markets Lead Recovery; West Remains Dominant in Annual Gains
As of July, 50 out of the top 100 markets had shown a complete price recovery. Richmond, VA rebounded at 100.18 and became the 50th market among the top 100 to achieve that status.
The South continued to dominate recovery among the top 100 markets in July, with 23 markets recovered, followed by the Midwest with 11 markets fully recovered. Both the West and South had eight markets each that have achieved rebound status.
ATLANTA HOME PRICE REBOUND STATS as of July 2015 – Excellent!
The Atlanta market (known as the Atlanta-Sandy Springs-Roswell MSA in this report) is the 9th largest housing market in the United States by population, and its rebound (recovery) details are:
Peak Housing Values Date – April 2007, Peak Trough (low value) Date – March 2012, Peak-to-Trough Decline – 41%, Year over Year Value Change as of July 2015 – 5.56%, Percent Market Value Recovery: 94.86%!
That is very good performance for such a large area and with such a diversity of markets which span from those with very good value retention trends, to those that are not so great. Of course when looking at stats for very broad areas, like the entire Atlanta MSA, such reports factor in everything – the good performing market areas to the not so good. When you drill down, you can find micro markets with the potential to exceed even 100 percent recovery – especially when a property is in top condition, located in top school systems, and has superior marketing and an agent with strong negotiation skills.
It is all about knowing how the find and interpret the data.
These broad recovery percentage figures are good news for the Atlanta market, but they must be used with caution. For example, it would be a mistake for a seller to use this report and make the assumption that their home may sell for 94% of its all time 2007 high value. It may not sell for nearly that figure, or it may well exceed it. There are many variables to consider – some the seller can control, some the seller has no control of at all. For example, the property location, the current market trends, and performance of the micro market, are all completely out of the sellers control. The seller does have control of two critical things however – the overall condition of the property and how well it shows, and choosing the right agent – the agent with the best overall skills, abilities, marketing plan, and track record.
The abilities of the agent to give the owner correct advice, to market and position the property effectively are paramount to help a seller net the most money possible, just as the degree of experience the agent has (or doesn’t have) to preserve the price – to effectively deal with a host of issues that will come up such as inspections, appraisals and other issues. In the end, the advice, skills, and negotiation abilities of the agent you hire will affect the results you get and success or failure of your transaction.
By way of example, during 2013 and 2014 (when the recovery percentage was not nearly so high) I know of some East Cobb and North Fulton homes that sold for a price that was100% (or more), of their all time 2007 high values – I know because I sold some of them, and others were certain special properties that I previewed for and with buyer clients who chose another home.
For more information about the market, or an experienced assessment of your homes selling potential, contact Robert Whitfield – 678-585-9691