In Peachtree Corners the word to describe real estate 2012 is "optimistic."
As mentioned in previous market updates the inventory is down and multiple offers are in many cases being presented. Prices are still low and buyers are still demanding the latest features but homes are selling and the market price will reflect the lower inventory in the future.
In this report we will look at the City of Peachtree Corners market and see what we might expect in 2013.
Using the city boundaries of the City of Peachtree Corners , there are 79 active listings. This represent a 25 percent drop in inventory since September, 2012. This is a three-month supply of homes. This means Peachtree Corners is in a sellers market. The rule of thumb in the real estate market is that under a four-month supply is a sellers market, over six months supply is a buyers market and a four to six month supply is a balanced market.
There are 42 pending sales which is up from 14 this same time last year. There are eight homes pending lender approval which means they are potential short sales and now must go through lender scrutiny to be approved as a short sale. This is all good for the market. Many buyers and sellers are waiting to close and the distressed properties are being cleared out.
There were 297 homes that sold in the City of Peachtree Corners in 2012 according to First Multiple Listing Service (FMLS) data. That is an incredible jump of 28 percent from 2011 when 215 homes sold in the area which is now the City of Peachtree Corners. In 2010 there were 188 homes sold in this same area. Many more homes sold and prices rebounded slightly.
Thirty-eight homes that sold were marked as some form of distress property such as short sale, foreclosure or banked owned. This is represents approximately 12 percent of total sales.
We closed out 2012 with an average sales price of $282,604 for the year. This was up 3 percent from 2011 which averaged $274,841. This is the first year that we have seen an average increase in price since 2007. Prices ranged from a low of $25,550 to a high of $950,000.
I have used ZIP Codes and school districts to define the general area of Peachtree Corners in the past. Now that we have real city boundaries, reporting consist of the City of Peachtree Corners. Previous year data reflects the boundaries which are now the City of Peachtree Corners. As always this information is believed correct but is not warranted.
Some information was obtained from the First Multiple Listing Service (FMLS) which is not responsible for its accuracy.
A home new on the market this week is 5922 Spalding Park Place. This home is priced at $374,900 and is listed by Jane Mentzer, Keller Williams Realty.