The Sandy Springs housing market is doing well and off to a fast start in 2013. In the first five months of 2013, 237 homes have already been sold with an average price of $585,000. And they’re selling fairly quickly with the average days on market being 117 days. For the homes that do stand out from the crowd, we are seeing very strong demand and buyer competition for those homes. Homes are selling at an average of 94% of original list price. And while 237 Sandy Springs homes have sold in the first five months, there are currently an additional 140 under contract. And with only 286 homes on the market, you can see that the demand is clearly outpacing the supply. This compares with 211 homes that sold in the first five months of 2012 at an average price of $535,000, which equates to a 9% increase in average sale price.
Low interest rates and great prices continue to drive Sandy Springs home buyer demand. Pending contracts remain strong, so expect to see a continued strength in home sales in 2013.
As the inventory shrinks, you will expect to see homes sell quicker as there are fewer homes for buyers to choose from and when the right home pops up, the patient buyers will be ready to jump. While sales have increased, it’s likely sales would be much higher if there were more homes for sale. There’s just not enough homes for buyers to choose from right now.
As sales are improving, we’re also seeing prices increasing as well. We’re going to continue to see more equity sellers in the market and fewer distressed properties as we move forward over the next couple years. This will result in continued low inventory levels as the number of equity sellers that can afford to sell will be outnumbered by buyers eager to take advantage of prices that are still depressed and interest rates that are phenomenal. If you’ve thought about selling and just aren’t sure, be sure to contact us or find out how much your home is worth. Less competition is a good thing if you’re ready to sell.
For those looking to buy in Sandy Springs, here are some of the more popular neighborhoods:
- Hammond Hills
- Princeton Square
- Wyndham Hills
- Grogans Bluff
- Mount Vernon Woods
- North Harbor
- River Chase
- Aberdeen Forest
- Brookhaven Lakes
- Lost Forest
- Overton Hills
That is your Sandy Springs homes sales activity recap for May 2013. Hope that was helpful and don’t hesitate to contact us if we can help you sell your Roswell home or find your new Sandy Springs home.
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