After 11 years of wild swings in the Real Estate Market nationwide and in Buckhead, Atlanta and East Cobb, we are finally seeing the signs of a normal, balanced market. While it may feel “slow” to some, this is just in relative comparison to the wild frenzy that we had become accustomed to over the last decade. Here are two reasons that Keeping Current Matters, Real Estate Industry Thought Leaders, have to point to for this new balanced market:
‘1. Listing Supply is Increasing
Both existing and new construction inventory is on the rise. The latest Existing Home Sales Report from the National Association of Realtors revealed that inventory has increased over the last two months after thirty-seven consecutive months of declining inventory. At the same time, building permits are also increasing which means more new construction is about to come to market.
2. Buyer Demand is Softening
Ivy Zelman, who is widely respected as an industry expert, reported in her latest ‘Z’ Report:
“While we continue to expect a resumption of growth in resale transactions on the back of easing inventory in 2019 and 2020, our real-time view into the market through our Real Estate Broker Survey does suggest that buyers have grown more discerning of late and a level of “pause” has taken hold in many large housing markets.
Indicative of this, our broker contacts rated buyer demand at 69 on a 0- 100 scale, still above average but down from 74 last year and representing the largest year-over-year decline in the two-year history of our survey.”
With supply increasing and demand waning, we may soon be back to a more normal real estate market. We will no longer be in a buyers’ market (like 2007-February 2012) or a sellers’ market (like March 2012- Today).’
I am also finding this true in our local Buckhead, Atlanta and East Cobb markets as well, but especially in the mid-high end segments. As you begin your Real Estate Search or if you are thinking about selling your home in Buckhead, Atlanta or East Cobb, be sure to reach out to the team at Mary Beth Lake & Associates to find out more how the current market affects your real estate goals.