Updated May 5, 2020
Exceptional Strength in Atlanta Housing – Week-over-week, Atlanta listings for houses increased 33% from the weeks ending April 25th to May 2nd. In the prior week, First Multiple Listing Service (FMLS) reported 153 new listings, and and then 201 this Sunday. Now, couple that with Google dramatically expanding its office-space requirements in Midtown Atlanta from 135,000 square feet to 400,000+. Smile, Atlanta has a booming real estate market.
April 27, 2020 –
When an apartment or condominium resident living in a small home sees their friends and colleauges having a relative vacation during the Covid-19 stay at home period, while they are confined to small place, something is going to change. What is the smart thing thing to do, if they can afford it? Move into a house. CNBC reported today a sudden jump in new home sales, primarily from apartment dwellers.
No question about it, I am going out on an optimistic limb by predicting that the Atlanta housing market will improve a lot, once we get comfortable with relaxed social distancing guidelines.
Sources of the Atlanta Housing Market Optimism –
1. Atlanta apartment resident dwellers. Already, as of mid to late April 2020, veteran apartment brokers are seeing a fundamental change in customer demand. The small one (1) and two (2) bedroom units have declined in popularity as working from home in limited confines felt more like being confined to a virtual prison. Add to this feeling the power of social media, primarily Facebook and Instagram, in which these residents seeing the physical benefits of living in a house. House owners can enjoy both the safety of social distancing while being able to interact with their neighbors, and finding more space in their home to both work and play.
2. New York City Residents –
Fox Business reported, today, that people are cotinuing a three-year trend of leaving the city. Add to the fact that many of them live in apartments and condominiums, units that are typically significantly smaller than Atlanta’s. Add to that, what CNBC reported about the sudden rise in new home sales.
3. Atlanta House Listings – Up 28% from first week of April till now.
In the past three weeks, the number of houses that have gone on the market has increased by 28% from the first full week of April until this past one. During the period of April 5th, there were 132 new listings, followed by 155 and 169. Concurrently, condominiums held their own with some growth, but not a steady increase.
Thank you for reading this article. For your Atlanta commercial and residential real estate needs, please contact James Kobal at (M) 678.993.4951 and James.Kobal@CBCMetroBrokers.com, commercial realtor at Better Homes & Gardens Coldwell Banker Commerical Metro Brokers