What’s Up (and Down) with the Market? – GAR Report 2011

“Homeownership is about painting a room fluorescent fuchsia without asking anyone’s permission. The recent market challenges have forced some homeowners to become begrudging renters or unintentional landlords. For the nation as a whole, the National Association of REALTORS® reports that the homeownership rate has shifted from 69.0 percent in 2005 to 66.5 percent so far in 2011. While that’s not a tectonic shift, let’s see what other indicators reveal since that first fateful month after the 2010 tax credit.

New Listings in the state of Georgia decreased 4.5 percent to 13,638. Pending Sales were up 63.4 percent to 8,581. Inventory levels shrank 12.3 percent to 66,893 units, but there are still plenty of great choices out there.

Prices couldn’t match year-ago levels. The Median Sales Price declined 15.7 percent to $107,000. Days on Market increased 4.9 percent to 93 days. Consumers were absorbing homes more quickly as Months Supply of Inventory was down 0.5 percent to 11.1 months. Affordability also improved.

Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional while the unemployment rate snuck up to 9.1 percent in May. The economy added 54,000 jobs, which was far less than April and insufficient to curb unemployment. As recovery goes, so goes positive trends. Some metrics should continue to show favorable movement, but stronger job growth is needed to fuel housing demand and reinforce consumer confidence.”

View the entire market report for May 2011, by the Georgia Association of Realtors.

posted: Jul 13, 2011 | No Responses

Posted by:  Wakamo & Associates

Melissa Wakamo and her dynamic team of agents and support staff provide buyer and seller clients with exceptional service and proven results. Since the start of her real estate career in 2004, Melissa has proven to be a true advocate for her clients and has consistently performed in the top 1% of agents

“When I started my real estate career, I wanted to work in my local community and get to know my neighbors. Now, I realize how important that local expertise is to our clients. At Red Robin REALTORS®, all of our agents are specialists in working with buyers and sellers in Atlanta’s intown neighborhoods.”

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