North Fulton home sales plunge in October thus far

Posted by Jeff Aughey on Wednesday, October 8th, 2008 at 11:47pm.

Sometimes it just takes a little perspective to help us understand that what we thought was tough was really quite good in comparison. Alpharetta and Johns Creek home sales in August 2008 were the lowest I can ever remember. We probably would have to go back to the time when this area was just horse pastures to find a month that had so few homes sales. Well it appears that we did not have to wait long to break those poor sales records. While September 2008 saw sales rebound upwards by 23% over August, so far October sales are running only about 60% of the August level. The real estate market is having a tough time due to the upheaval in the financial markets. Buyers are generally scared and asking themselves if this is the right time to make such a large purchase. The answer is usually YES!!! If a prospective buyer has a secure job and has their financial situation is under control then this is the best time in quite a while to purchase a home. I have helped a number of buyers lately to take advantage of some of the super forclosure values. We have be able to purchase homes for 20-40% less than these homes sold for three years ago. It will be nice when supply and demand balance out just a bit more. Right now it is still a strong buyer's market however inventories have fallen about 5-6% in October and if this trend continues we may get closer to balance next year. Check back here in a couple of weeks. I will update the market more frequently as we work through this challenging period. All the best, Jeff

1 Response to "North Fulton home sales plunge in October thus far"

Ryan Ward wrote: Jeff,

I think it's the same thing in all of the North Metro areas. Whether it's traffic to my website, the number of new leads, returning visitors or inquiries - they are all down. Checking the stats in the FMLS, it looks like the trend is going to continue for the next several months.

Posted on Thursday, October 9th, 2008 at 6:22am.

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