A Look Back At 2012 Real Estate

Look Back At 2012 Atlanta Real Estate

2012 will probably be considered the year that the housing market finally hit bottom and began an upward trend back to normalcy. Home prices, home sales and new home construction all increased while at the same time inventory continued to shrink, and record-low mortgage rates continued. Let’s hope the trend continues!

These are some of the major factors affecting 2012 residential real estate, which many in the industry myself included, feel will carry over into 2013:

 

Stellar Mortgage Rates

Nationwide Mortgage interest rates continued a downward slide in 2012, reaching historic lows week after week. Record low rates helped  the recovery along by attracting more buyers into the housing market and spurring millions to refinance. The question is when will rates start to increase?

Declining Home Inventory

The market continued to clear its oversupply of homes, which had swelled during the housing boom. The drop in inventory is a major reason home prices began to rise: Buyers bid up prices because they had fewer homes to choose from. October’s inventory of existing homes represented a 5.4-month supply, according to the National Association of Realtors. That was 21.9 percent lower than in October 2011 and a six-year low.

Year of the Short Sale

Short sales were the word in 2012, as lenders continued to embrace that approach to liquidation as less costly than foreclosure. A short sale allows a homeowner to sell his home for less than his mortgage (in other words to sell his home “short” of the actual payoff amount).

Short sales of homes in foreclosure are currently on pace to outnumber sales of bank-owned properties. Daren Blomquist, vice-president of online foreclosure marketplace RealtyTrac, said that short sales of properties not in foreclosure also accelerated, accounting for about 22 percent of total sales in the third quarter of 2012.

Threat of Shadow Inventory Recedes

Worries about “shadow inventory” — the supply of distressed properties held back and not released to the market — has loomed over the housing market ever since the financial crisis began. But in 2012, estimates of the size of that inventory continued to shrink, falling to 2.3 million in the second quarter of 2012 from a peak of nearly 3 million in 2010, according to analytics firm CoreLogic. Experts now think that the shadow inventory is probably not going to hinder a recovery, as banks continue to release these properties in a controlled manner over time.

Investors Continued to Snap Up Foreclosures

Investors had to endure bidding wars in 2012 to win homes selling at bargain-basement prices and convert them into rental properties. Investors purchased 20 percent of homes sold in October 2012, according to the National Association of Realtors. In Atlanta, getting twenty offers on an REO property has become the norm, and distressed property prices have been on the rise since 2009. It has become harder and hard to find (and win) really good deals, especially in the under $60K price range due to the competition at that price point.

“Low vacancy rates and rising rental rates, along with statements by Warren Buffet, helped attract both individual and institutional investors to the single family rental market,” ReatyTrac’s Blomquist said.

New Home Construction Comes Back

In most major markets, Atlanta included, new home construction all but disappeared after the market crisis of 2007, as excess inventory made building more homes pointless. But new home construction soared in 2012, and in October reached its highest level since July 2008, according to the U.S. Department of Commerce. In East Cobb alone, at least a dozen new home developments sprang up starting in early 2011, ranging in size from 10 to 20 home enclaves of higher end homes priced over $700K,  to larger 50 and 60 home communities in $500’s.

Builder confidence is way up too, suggesting that builders will continue to break ground on more homes in 2013. Experts say that declining home inventory amid rising demand from buyers is spurring the spike in construction.

“Builders across the country are reporting some of the best sales conditions they’ve seen in more than five years, with more serious buyers coming forward and a shrinking number of vacant and foreclosed properties on the market,” said National Association of Home Builders Chairman Barry Rutenberg.

Most experts believe 2013 will see the real estate market continue to improve, and prices continue to increase, but caution that a full housing recovery will depend on the employment situation improving, which is likely to take several more years.

Walton District Homes $1.5 Million – $3 Million

East Cobb Luxury Estate Homes For Sale In The Walton High School District Attendance Zone

$2,750,000
Single Family Home For Sale
Pending
6
BED
8
TOTAL BATHS
7,500
SQFT
4499 Winged Foot Circle
Marietta, GA 30067
Atlanta Country Club Subdivision
$2,550,000
Single Family Home For Sale
Active
6
BED
9
TOTAL BATHS
11,472
SQFT
4141 Thunderbird Drive SE
Marietta, GA 30067
ATLANTA COUNTRY CLUB Subdivision
$2,350,000
Single Family Home For Sale
Pending Offer Approval
6
BED
8
TOTAL BATHS
8,934
SQFT
5010 Timber Ridge Rd
Marietta, GA 30068
 
$2,350,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,340
SQFT
461 Tam O Shanter Drive SE
Marietta, GA 30067
Atlanta Country Club Subdivision
$2,100,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
8,735
SQFT
4161 Thunderbird Drive SE
Marietta, GA 30067
Atlanta Country Club Subdivision
$1,995,000
Single Family Home For Sale
Active
8
BED
8
TOTAL BATHS
9,318
SQFT
5114 Greythorne Lane
Marietta, GA 30068
Brookshyre Manor Subdivision
$1,950,000
Single Family Home For Sale
Active
5
BED
8
TOTAL BATHS
6,956
SQFT
3940 Paper Mill Road
Marietta, GA 30067
Atlanta Country Club Subdivision
New Listing - 6 days online
$1,900,000
Single Family Home For Sale
Active
5
BED
7
TOTAL BATHS
8,026
SQFT
1636 Little Willeo Road
Marietta, GA 30068
Acreage Subdivision
$1,875,000
Single Family Home For Sale
Pending
6
BED
7
TOTAL BATHS
8,600
SQFT
2833 Stone Hall Drive
Marietta, GA 30062
Stone Hall Subdivision
New Listing - 3 weeks online
$1,850,000
Single Family Home For Sale
Active
6
BED
8
TOTAL BATHS
8,400
SQFT
547 Gramercy Dr NE
Marietta, GA 30068-4872
River Park Subdivision
New Listing - 2 weeks online
$1,829,000
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
6,833
SQFT
469 Atlanta Country Club Drive SE
Marietta, GA 30067
Atlanta Country Club Subdivision

Walton District Homes $900K – $1.5 Million

East Cobb Luxury Homes For Sale In The Walton High School District

$1,500,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
541 Gramercy Dr
Marietta, GA 30068
River Park Subdivision
$1,500,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
8,249
SQFT
Address Withheld
Marietta, GA 30068
River Park Subdivision
$1,450,000
Single Family Home For Sale
Active
5
BED
7
TOTAL BATHS
5,000
SQFT
4300 Blackland Drive
Marietta, GA 30067
Blackland Ridge Subdivision
$1,400,000
Single Family Home For Sale
Pending
5
BED
7
TOTAL BATHS
5,400
SQFT
4861 Fox Run Lane SE
Marietta, GA 30067
Riverside Park Estates Subdivision
$1,399,999
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4,437
SQFT
3333 Sewell Mill Road
Marietta, GA 30062
 
$1,399,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
5,041
SQFT
812 Indian Hills Parkway
Marietta, GA 30068
Indian Hills Subdivision
$1,395,000
Single Family Home For Sale
Pending
6
BED
8
TOTAL BATHS
7,158
SQFT
957 Saint Lyonn Courts
Marietta, GA 30068
St Lyonn Subdivision
$1,385,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,000
SQFT
1668 Johnson Ferry Rd
Marietta, GA 30062
Biltmore Subdivision
New Listing - 4 weeks online
$1,360,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
4840 Kentwood Dr
Marietta, GA 30068
Cobblestone Manor Subdivision
$1,349,000
Single Family Home For Sale
Active
8
BED
7
TOTAL BATHS
7,260
SQFT
10 Sherwood Lane SE
Marietta, GA 30067
Riverside Park Estates Subdivision
$1,349,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,000
SQFT
3660 Clubwood Trail
Marietta, GA 30068
Indian Hills Subdivision
New Listing - 4 weeks online
$1,345,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
5,175
SQFT
4840 Kentwood Drive
Marietta, GA 30068
Cobblestone Manor Subdivision
$1,345,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,000
SQFT
4268 Ne Biltmore Pl ##4
Marietta, GA 30062
Biltmore Subdivision
$1,345,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,000
SQFT
4268 Biltmore Place
Marietta, GA 30062
Biltmore Subdivision

Walton District Homes $600K – $900K

East Cobb Homes For Sale In The Walton High School District, Including Dickerson Middle School, Dodgen Middle School, and Sope Creek Elementary School

$900,000
Single Family Home For Sale
Under Contract
5
BED
5
TOTAL BATHS
5,730
SQFT
725 River Knoll Dr
Marietta, GA 30067
Atlanta Country Club Subdivision
$899,900
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
600 Willow Knoll Drive SE
Marietta, GA 30067
Atlanta Country Club Subdivision
$899,900
Single Family Home For Sale
Pending
6
BED
5
TOTAL BATHS
5,736
SQFT
4161 Blackland Drive
Marietta, GA 30067
Blackland Ridge Subdivision
$899,900
Single Family Home For Sale
Active
6
BED
6
TOTAL BATHS
4,882
SQFT
741 S Club Ln
Marietta, GA 30067-4662
Atlanta Country Club Subdivision
$899,000
Single Family Home For Sale
Active
6
BED
6
TOTAL BATHS
3,784
SQFT
741 Club Lane S
Marietta, GA 30067
Atlanta Country Club Subdivision
$899,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
4116 Lower Roswell Road
Marietta, GA 30068
 
$859,000
Single Family Home For Sale
Active
5
BED
5
TOTAL BATHS
5,260
SQFT
746 Butlers Gate Ne
Marietta, GA 30068-4206
Hampton Woods Subdivision
Price Change - 2 weeks ago
$842,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
1808 Pemberton Pl
Marietta, GA 30062
Easthampton Subdivision
Price Change - 2 weeks ago
$839,900
Single Family Home For Sale
Active
6
BED
6
TOTAL BATHS
1180 Hailey Springs Ct
Marietta, GA 30062-4771
Sandy Springs Walk Subdivision
New Listing - 4 weeks online
$839,879
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
4,436
SQFT
3879 Lindsey Road NE
Marietta, GA 30067
Enclave at Sope Creek Subdivision
$825,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
3,727
SQFT
299 Hunters Ridge
Marietta, GA 30068
Hampton Farms Subdivision
Price Change - 4 weeks ago
$799,900
Single Family Home For Sale
Active
6
BED
5
TOTAL BATHS
3,764
SQFT
197 Sentinel Place SE
Marietta, GA 30067
Sentinel Ridge Subdivision
Price Change - 9 hours ago
$799,900
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
1070 Taliwa Trail NE Drive
Marietta, GA 30068
Mohina Woods Subdivision

Walton District Homes $400K – $600K

East Cobb Homes For Sale In The Walton High School District Attendance Zone

New Listing - 3 weeks online
$600,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,424
SQFT
1840 Mallard Lake Drive
Marietta, GA 30068
Mallard Lake Subdivision
New Listing - 2 weeks online
$600,000
Single Family Home For Sale
Pending
4
BED
5
TOTAL BATHS
3,599
SQFT
4030 Bradbury Drive
Marietta, GA 30062
Penhurst Subdivision
$600,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,620
SQFT
5005 Lake Fjord Pass
Marietta, GA 30068
Lake Fjord Subdivision
Price Change - 2 weeks ago
$599,999
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,317
SQFT
4300 Fairgreen Dr NE
Marietta, GA 30068-4113
Indian Hills Country Club Subdivision
Price Change - 3 weeks ago
$599,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
4,100
SQFT
3725 Greenview Drive
Marietta, GA 30068
Indian Hills Subdivision
$589,900
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
4,282
SQFT
1613 Bryn Mawr Circle
Marietta, GA 30068
Princeton Lakes Subdivision
New Listing - 2 weeks online
$589,900
Single Family Home For Sale
Under Contract
5
BED
3
TOTAL BATHS
2,876
SQFT
4857 Hampton Lake Dr
Marietta, GA 30068
Hampton Lake Subdivision
$585,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
4509 Woodhaven NE
Marietta, GA 30067
Woodhaven Subdivision
$579,900
Single Family Home For Sale
Under Contract
3
BED
4
TOTAL BATHS
3,920
SQFT
5269 Huntingford Ct
Marietta, GA 30068
Willow Point Subdivision
New Listing - 4 days online
$575,000
Single Family Home For Sale
Under Contract
4
BED
4
TOTAL BATHS
3,079
SQFT
4356 Hampton Woods Dr NE
Marietta, GA 30068-2761
Hampton Woods Subdivision

Walton District Homes $300K – $400K

Homes For Sale In The Walton High School District East Cobb

Price Change - 4 weeks ago
$400,000
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
3,781
SQFT
1340 Wooded Hills Drive
Marietta, GA 30062
 
$399,900
Single Family Home For Sale
Pending
3
BED
4
TOTAL BATHS
2,466
SQFT
598 Lenox Woods Court
Marietta, GA 30068
Lenox Woods Subdivision
Price Change - a week ago
$399,900
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,584
SQFT
1665 Barn Swallow Place
Marietta, GA 30062
Chestnut Springs Subdivision
$395,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
2,404
SQFT
3551 Robinson Road NE
Marietta, GA 30068
Fox Hollow Subdivision
Price Change - 2 weeks ago
$394,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1175 Forest Brook Ct
Marietta, GA 30068-2826
Forest Brook Subdivision
New Listing - 3 weeks online
$389,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,464
SQFT
2364 Forestmont Court
Marietta, GA 30062
North Forest Subdivision
$389,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,784
SQFT
1806 Hunters Glen
Marietta, GA 30062
Hunters Trace Subdivision
$389,000
Single Family Home For Sale
Back On Market
4
BED
3
TOTAL BATHS
2,784
SQFT
1806 Hunters Gln
Marietta, GA 30062-6173
Hunters Trace Subdivision
New Listing - 4 weeks online
$378,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,302
SQFT
1274 Murdock Road
Marietta, GA 30062
Roswell Downs Subdivision
Open House Sun, Nov 1, 2 PM
Please verify times due to COVID-19
$375,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,227
SQFT
2211 Heritage Trace View
Marietta, GA 30062
HERITAGE TRACE Subdivision
$375,000
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,037
SQFT
3179 Royal Oak Drive
Marietta, GA 30068
n/a Subdivision
$375,000
Single Family Home For Sale
Under Contract
3
BED
3
TOTAL BATHS
2,037
SQFT
3179 Royal Oak Dr #981
Marietta, GA 30068
 
New Listing - 7 days online
$375,000
Single Family Home For Sale
New
3
BED
3
TOTAL BATHS
2,227
SQFT
2211 Heritage Trace Vw
Marietta, GA 30062
Heritage Trace Subdivision
Price Change - 2 weeks ago
$369,900
Single Family Home For Sale
Active Under Contract
4
BED
3
TOTAL BATHS
2,124
SQFT
5381 Willow Point Parkway
Marietta, GA 30068
Willow Point Subdivision