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

$3,000,000
Single Family Home For Sale
Active
8
BED
9
TOTAL BATHS
35 Sherwood Ln Se
Marietta, GA 30067
Riverside Park Estates Subdivision
$2,498,000
Single Family Home For Sale
Active
6
BED
9
TOTAL BATHS
4141 Thunderbird Dr SE
Marietta, GA 30067
Atlanta Country Club Subdivision
$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
New Listing - yesterday
$2,200,000
Single Family Home For Sale
New
6
BED
9
TOTAL BATHS
27 Sherwood Lane Ln SE
Marietta, GA 30067
Riverside Park Estates 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
$1,900,000
Single Family Home For Sale
Active
5
BED
7
TOTAL BATHS
8,026
SQFT
1636 Little Willeo Road
Marietta, GA 30068
Acreage Subdivision
$1,829,000
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
$1,800,000
Single Family Home For Sale
Under Contract
8
BED
8
TOTAL BATHS
7,785
SQFT
1535 Huntingford Dr
Marietta, GA 30068
 
New Listing - 4 days online
$1,799,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,500
SQFT
55 Woodlawn Drive
Marietta, GA 30067
Sanders Field Estate Subdivision
$1,775,000
Single Family Home For Sale
Active
8
BED
8
TOTAL BATHS
9,318
SQFT
5114 Greythorne Lane
Marietta, GA 30068
Brookshyre Manor Subdivision
$1,769,900
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,300
SQFT
4724 Ponte Vedra Dr SE Drive
Marietta, GA 30067
Atlanta Country Club Subdivision
$1,769,900
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,300
SQFT
4724 Ponte Verda Dr
Marietta, GA 30067-4642
Atlanta Country Club Subdivision
$1,600,000
Single Family Home For Sale
Under Contract
7
BED
7
TOTAL BATHS
3997 Sentry Xing
Marietta, GA 30068
Indian Hills Subdivision

Walton District Homes $900K – $1.5 Million

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

New Listing - 4 weeks online
$1,495,000
Single Family Home For Sale
Active
7
BED
5
TOTAL BATHS
780 Burning Tree Se
Marietta, GA 30067-4774
Atlanta Country Club Subdivision
$1,450,000
Single Family Home For Sale
Pending
5
BED
7
TOTAL BATHS
5,000
SQFT
4300 Blackland Drive
Marietta, GA 30067
Blackland Ridge Subdivision
New Listing - 3 weeks online
$1,425,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
6,579
SQFT
118 Dickerson Road NE
Marietta, GA 30067
Crossvine 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
 
New Listing - yesterday
$1,399,800
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,100
SQFT
4171 Summit Drive
Marietta, GA 30068
Indian Hills Country Club Subdivision
$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
Price Change - 4 weeks ago
$1,399,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
541 Gramercy Dr
Marietta, GA 30068
River Park Subdivision
Price Change - 4 weeks ago
$1,399,000
Single Family Home For Sale
Active
6
BED
7
TOTAL BATHS
8,249
SQFT
Address Withheld
Marietta, GA 30068
River Park Subdivision
$1,385,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
5,000
SQFT
4260 Biltmore Place
Marietta, GA 30062
Biltmore Subdivision
$1,375,000
Single Family Home For Sale
Pending
6
BED
8
TOTAL BATHS
7,158
SQFT
957 Saint Lyonn Courts
Marietta, GA 30068
St Lyonn Subdivision
Price Change - 2 weeks ago
$1,375,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,833
SQFT
4481 Kings Lake Drive NE
Marietta, GA 30067
Kings Cove Subdivision
$1,359,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,000
SQFT
4268 Biltmore Place
Marietta, GA 30062
Biltmore Subdivision
$1,349,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
5,000
SQFT
3660 Clubwood Trail
Marietta, GA 30068
Indian Hills 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

$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
Under Contract
6
BED
6
TOTAL BATHS
4,882
SQFT
741 S Club Ln
Marietta, GA 30067-4662
Atlanta Country Club Subdivision
Open House Sun, Jan 24, 2 PM UTC
Please verify times due to COVID-19
$899,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
5,230
SQFT
520 Willow Knoll Drive
Marietta, GA 30067
Atlanta Country Club Subdivision
$899,000
Single Family Home For Sale
Pending
6
BED
6
TOTAL BATHS
3,784
SQFT
741 Club Lane S
Marietta, GA 30067
Atlanta Country Club Subdivision
New Listing - 3 weeks online
$895,000
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
603 Club Ln SE
Marietta, GA 30067
Atlanta Country Club Subdivision
$889,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
4,021
SQFT
5050 Lake Ter
Marietta, GA 30068-4318
Hampton Lake Subdivision
New Listing - 2 weeks online
$885,000
Single Family Home For Sale
Active
6
BED
4
TOTAL BATHS
4,400
SQFT
200 Club Ridge Drive
Marietta, GA 30068
Hampton Farms Subdivision
New Listing - 3 weeks online
$799,900
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
1070 Taliwa Trail NE Drive
Marietta, GA 30068
Mohina Woods Subdivision
$799,000
Single Family Home For Sale
Active Under Contract
6
BED
5
TOTAL BATHS
5,380
SQFT
4781 Old Timber Ridge Road NE
Marietta, GA 30068
Lake Crest Estates Subdivision
$779,000
Single Family Home For Sale
Active
6
BED
6
TOTAL BATHS
6,327
SQFT
5178 Baldwin Terrace
Marietta, GA 30068
Baldwin Farms Subdivision
New Listing - 3 days online
$775,000
Single Family Home For Sale
Active Under Contract
5
BED
5
TOTAL BATHS
4,161
SQFT
1302 Hatton Walk
Marietta, GA 30068
Camden Place Subdivision
New Listing - 2 weeks online
$765,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
5187 Riverhill Rd NE
Marietta, GA 30068
Riverhill Subdivision

Walton District Homes $400K – $600K

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

$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
$595,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,369
SQFT
4474 Karls Gate Drive
Marietta, GA 30068
Princeton Lakes Subdivision
$589,000
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
4,225
SQFT
3626 Oxford Trace
Marietta, GA 30068
Princeton West 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
$569,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,770
SQFT
1534 E Bank Drive
Marietta, GA 30068
Jacksons Creek Subdivision
$559,000
Single Family Home For Sale
Pending
5
BED
5
TOTAL BATHS
4,375
SQFT
2041 Old Forge Way
Marietta, GA 30068
River Forest Subdivision
$550,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
2,958
SQFT
314 Cove Island Way NE
Marietta, GA 30067
Kings Cove Subdivision
New Listing - 2 weeks online
$550,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
2,478
SQFT
5223 Forest Brook Parkway
Marietta, GA 30068
Forest Brook Subdivision
Price Change - 4 weeks ago
$549,900
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
4,282
SQFT
1613 Bryn Mawr Circle
Marietta, GA 30068
Princeton Lakes Subdivision
New Listing - 5 days online
$540,000
Single Family Home For Sale
New
3
BED
2
TOTAL BATHS
5002 Timber Ridge Rd
Marietta, GA 30068
 
Open House Sun, Jan 24, 2 PM UTC
Please verify times due to COVID-19
$525,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2,934
SQFT
4303 Ivywood Drive
Marietta, GA 30062
Ivywood Subdivision
$500,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
3,420
SQFT
1622 E Bank Drive
Marietta, GA 30068
Jacksons Creek Subdivision
New Listing - 2 weeks online
$500,000
Single Family Home For Sale
Pending
6
BED
4
TOTAL BATHS
3,344
SQFT
788 Mitsy Point
Marietta, GA 30068
Mitsy Forest Subdivision

Walton District Homes $300K – $400K

Homes For Sale In The Walton High School District East Cobb

$400,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,344
SQFT
2452 North Forest Dr
Marietta, GA 30062-6554
North Forest Subdivision
New Listing - 2 weeks online
$395,000
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
4,270
SQFT
3301 Gulfstream Lane
Marietta, GA 30062
Roswell Downs Subdivision
$385,000
Single Family Home For Sale
Under Contract
4
BED
2
TOTAL BATHS
2,510
SQFT
5101 Davidson Rd NE
Marietta, GA 30068
River Springs Subdivision
New Listing - 2 weeks online
$375,000
Single Family Home For Sale
Under Contract
4
BED
3
TOTAL BATHS
2,444
SQFT
695 Willow Mill Ct
Marietta, GA 30068-4757
River Springs Subdivision
New Listing - 4 weeks online
$375,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,726
SQFT
3560 Brighton Place
Marietta, GA 30062
Independence Square Subdivision
New Listing - 3 weeks online
$375,000
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,508
SQFT
1396 Siesta Lane
Marietta, GA 30062
Hickory Grove Subdivision
Price Change - 2 weeks ago
$369,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
2215 Heritage Trace Dr
Marietta, GA 30062-6375
Heritage Trace Subdivision
New Listing - a week online
$350,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,528
SQFT
4015 Coyte Court
Marietta, GA 30062
Providence Walk Subdivision
$349,900
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,302
SQFT
1274 Murdock Road
Marietta, GA 30062
Roswell Downs Subdivision
New Listing - 3 weeks online
$325,000
Single Family Home For Sale
Pending
4
BED
2
TOTAL BATHS
2,388
SQFT
193 Indian Hills Trail
Marietta, GA 30068
Indian Hills Country Club Subdivision