Is the Smyrna real estate market recovering? Look at what happened in February...

According to a recent story in USA Today, homes across the country are selling faster as buyer demand picks up. Homes sold faster this February than in any February since 2007, according to Realtor.com. In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011. 

California saw the greatest decline in supply and some of the fastest sales. But some metropolitan areas outside of California are also seeing fast sales. In Atlanta, the median number of days on the market was less than 60. That means homes in the metro area generally sold in less than 2 months since they were put on the market.

With homes selling so quickly, there is a very low supply of homes left for sale on the market. Nationwide, the inventory of homes for sale fell in January to a 4.2-month supply, almost an eight-year low, the National Association of Realtors says. Its data show all homes were on the market in January for a median 71 days, down from 99 days a year earlier.

​The Smyrna housing market matches the news from around the nation.

Detached or single family homes in Smyrna zip codes 30080 and 30082 saw a 13% monthly increase in sales in February and a 20% increase in pending contracts. Compared to February a year ago, that’s an 18% increase in homes sold and 31% increase in homes under contract. Inventory was way down in February. Inventory levels went down over 9% since January and were down an astounding 43.5% since February a year ago. The average days on the market for February was only 77 days. A year ago it was 113. Take a look at the graphs I've posted from Trendgraphix for a better picture of how the real estate market in Smyrna has progressed over the last year.

Attached homes such as condos or townhomes in Smyrna zip codes 30080 and 30082 saw a staggering 79% monthly increase in sales in February and a 44% increase in pending contracts. Compared to February a year ago, that’s actually a decrease of 88% in homes sold but an 88% increase in homes under contract. Inventory was way down in February. Inventory levels went down over 39% since January and were down 15% since February a year ago. The average days on the market for February was only 91 days. A year ago it was 167.

As we move further into this year of real recovery, remember that better information leads to better decisions. Call or email me for a free market analysis of your home and neighborhood today. Reach me at John@PetersenPartners.com or 678-478-2424.

Feel free to stop by one of our open houses this weekend and ask any of your real estate questions. We'll have 2 homes open in Smyrna on Sunday, March 24th from 2pm to 5pm. Come by 1349 Marston Street or 3737 Paces Park Circle.