Download the July-August 2008 Newsletter (in PDF)

Enjoy the all new layout for Johns Creek and Alpharetta Living Local Newsletter.

Check out the “before” and “after” kitchen photos this month, learn more about the current trends in the local real estate market, catch a glimpse of summer fun in the photo of the month and visit Webb Bridge Park in this issue.

The market has been fairly unchanged in the past 30-60 days, but there are a few hopeful signs that an improvement may be on the horizon.

June 2007 vs. June 2008 figures:

• Under $275K, there was a 14% decrease in sales as compared to June 2007 and the current inventory reflects a 46.1% increase in the supply of homes over the figures for this same time last year.
• $275-600K, we have experienced a 26% drop in sales as compared to last year, with the inventory up 40%.
• $600K+ price range has experienced a 50% drop with a 108% increase in inventory which represents a 21-month supply of homes now.

Although comparisons to last year seem rather dismal, June 2008 figures (for mid-range homes from $275K-600K) show an increase of 7.5% over last month and the total inventory dropped by 5.2%. This is a trend we hope will continue. The lower and higher ranges did not fare as well.

It feels like the market was a bit more vibrant at the end of June, and I hope that will continue into this new month. Personally, I’m happy to report an increase in activity with my own listings and showings.

Please note: When I report data, I’m giving you information on what’s gone under contract within the past month — so my figures for this area are more up-to-date than the national data you see reported in the news. Why? National figures for existing home sales data typically lag the market by 30-60 days because they report only closed sales, not those under contract.

Visit my sales trends section to learn more about local home sales.

The US Senate is poised to pass a huge foreclosure rescue bill as soon as today. (see article)

Basically the bill says the Federal Housing Administration would back $300 billion dollars in new loans for distressed borrowers that are currently considered too risky to qualify for a loan now.

Hmmm… correct me if I am wrong but didn’t we get into this mess by lenders making loans to people who were bad risks? Read the rest of this entry »

In my market (North Fulton County, Georgia on the east side of HWY 400), May sales figures remain flat between April and May, which represents a 32.8% drop as compared to May of 2007 in the same market.

The most pronounced change since this time last year was seen in the mid-level homes, priced between $275-600K. This price range dropped a whopping 43.6% in total sales over last year. Inventory for this market increased 15%. Total inventory divided by pace of sales, offers a 12.88 month supply of homes in this price range now, which is a 127% increase in the supply over 2007.

Taking a preliminary look at the June figures, there is nothing to suggest that the market is breaking out of the current pattern. I’ll keep you updated as the month progresses.

Download the May-June 2008 Newsletter (in PDF)

View “before” and “after” photos of changes made to stage living spaces. Get an introduction to a local tree specialist and enjoy affordable tips on helping your offspring decorate their first apartment or dorm in this bi-monthly issue.