Chastain Park Real Estate News

Early results from August show that Home Sales in Chastain Park are up over 50% versus 2010 in the under $700,000 price point.  Overall, the jump was 28% for all price points combined.   The news could be even better if additional sales post in the next few days.   This should brighten the outlook for home sellers in Chastain Park looking to sell in the Spring of 2012.   Meanwhile, Sellers this fall will have to contend with the appraisal œhangover which lingers from the steep descent and instability in values over the past few years.

This news comes on a day when the just released Standard & Poor™s Case-Shiller home pricing index for Atlanta rebounded for the third month in a row.  This chart shows the rise and fall of the index values over the past eleven years.   The good news is that 2011 is tracking with the moderate sustained climb of the early 2000™s – before all the speculation turned the American Dream of home ownership into a high stakes game where  properties were used like real estate “poker chips”.

The Case-Shiller index values are back to where they were in 2000  with residential real estate in Atlanta and setting the clock back 11 years can be hard to wrap your mind around.   It has never been more important to use a real estate agent who knows how to get homes sold in this market.

Home sales in Chastain Park held fairly steady in 2010 slipping just slightly to a total of 70 (versus the 2009 total of 71).   Prices continue to compress though as Sellers give in to the extent necessary to move their properties.

When it comes to real estate help with specific neighborhoods,  you can typically find an agent who specializes there but there is a big “if”… IF that agent can convey  that local expertise  in a way that can be found and recognized on the web.   You may end up finding  an agent who has mastered search engines while posing as a neighborhood expert.   That person may not necessarily be the agent who knows the neighborhood the best.   The internet can be a  tricky thing but savvy buyers and seller can usually spot the genuine article if they dig a little deeper into the websites.   We invite you to dig into to ours.

At www.SellingChastain.com we monitor the listed home inventory and sales every month to make sure we can deliver the best insight available to people looking to buy or sell in this neighborhood.  We watch the market activity daily and love to discuss the lastest developments. Text us with questions  to 404.307.4915 anytime.

Check out this story – not the same ‘ole song and dance…

http://www.reconis.com/?p=423

This month in real estate reports http://www.youtube.com/watch?v=3Q_d4sIDMU0

It may not feel like it but the numbers do not lie.   The 90-day running average Sale Price in Chastain Park today is 18% higher than it was in June, 2008. In fact, today’s average of $961,489 is down…  The average was over $1M for the previous 4 months as indicated in the chart below.

The number of homes sold in 2009 is also up 22% over 2008.   Better days may not be coming next month, but the inventory is shrinking and homes at all price points are selling.   If you are considering a move, use the local expert. www.SellingChastain.com

It is probably a good thing that the multiple listing data is often incapable of tracking properties that are listed multiple times.   That means that the sales data may not reflect the entire journey of a property when it sells – thus the “days on market” statistic can be misleading.   In plain english…any market analysis you see will be stating  the most  optimistic view of the time it takes to sell a property.   Here is the difference in Chastain Park for 2009 as of October 1:

• Average Sale Price % of Original List Price

  • Straight from FMLS = 83%

  • Adjusted to capture all previous listing data = 81%

  • At an average Sale Price of $968,996 that is $19k

  • If you are a seller, this is good news

  • If you are a buyer, you may have overpaid and could have had additional negotiating leverage by using a agent who is local expert.

•  Average Days on Market

  • Straight from FMLS = 101

  • Adjusted to capture all previous listing data = 226

  • When the  extremes are removed, the median = 132

  • Even the conservative median is a month off

  • Here, the data could cause a seller unnecessary frustration

  • The buyers just need to keep in mind that for the moment, “normal” is about 4 months and there is nothing wrong with a property that has been on the market for 90 days (at least in Chastain Park).

Negotiating leverage is an interesting thing.   Leverage, by definition, is working smarter by using every angle and force available.   When thousands of dollars hang in the balance,  use a local expert to help you buy or sell your home.

www.SellingChastain.com

An older brick ranch home on Stella Dr was just listed and it went under contract in just 5 days!!   This is another recent example that there ARE buyers actively looking for properties and great lots will go quickly if priced properly for this market.   Call me for the details 404.307.4915 cell.

Michael Bunch

www.SellingChastain.com

Three homes have gone Under Contract in Chastain Park thus far in September.   Two of those homes were distressed sales which means buyers are going for value.   This is a trend definately worth following in the coming months and we will stay on top of it!

One of the area’s most charming homes  just came  on the market and sold quickly – proving that the best homes sell in any market conditions.   Fairly priced considering the times, spectacular yard, freshly appointed with neutral decor and interior finish details that have kept pace with the current designer trends.   It was a winning formula!!

Photos  can be found directly at www.ChastainHomeValues.com