Sales Soar as New Home Inventory is Low

Posted by Jeff Aughey on Sunday, May 5th, 2013 at 3:41pm.

Wyndham Park Subdivision in South Forsyth County, Georgia The market is moving really fast in and around Forsyth County Georgia! While out reviewing the available inventory for some clients I have currently searching for a new home, I went into Wyndham Park subdivision and I noticed something interesting. Not only were all the houses that were for sale, sold -- but the undeveloped lots are also sold. As of today, there are no undeveloped lots for sale. Not one. The Wyndham Park developer reports that they sold 36 home sites in the neighborhood in the last six months. James Creek Subdivision in North Fulton County, GA Across the street, in the James Creek Subdivision in North Fulton County, a new subdivision by the same builder (D. R. Horton), has 33 lots and they have done pre-sales. There isn't a single house built to date and they have already sold 26 of them. At this point they are taking lot reservations rather than selling, because it will take them some time to catch up. These lots and homes were sold without the first actual house being built in that development. THAT, my friend, shows how strong the new home sales are in this area right now! The market started to recover from its disastrous state of 2011 during 2012. But now, in 2013, the sales are soaring! It's not that these subdivisions are an anomaly, many of the North Fulton and South Forsyth developments are selling as quickly as they are being built. And, it's interesting to note that the areas that have sprung back with the best sales are also the areas boasting the best schools. Those areas served by lesser quality schools are still lagging behind. If someone is looking for a new home right now, there is extremely low inventory of homes that are complete or nearly complete. If you want a new home, you will most likely have to build. So, expect a delay of 4-6 months before you can move in. With the market as it is now, builders won't budge much -- if any -- on their prices. However, if there are any standing homes for sale, it means the pricing is off or the perceived value is less than the asking price. In these situations  you may be able to negotiate with the builder on the price. Consult your real estate agent.

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