Midtown Atlanta Leads The Way – – 65% Turnaround in Midtown Atlanta Condominium and Townhome Market– Since the start of the Covid19 pandemic, conventional and accurate thinking was that the intown market, specifically Midtown due to its greater population density, would take longer to recover back up to 2019 levels. Midtown Atlanta, indeed showed its recovery in August with a 78% increase in single-family-home sales, and dramatic reversal in the condominium market, up 8%. What? Only 8? Simple, the Midtown Atlanta market was down 73% this July compared to the last one. Bottom line is that people still want to live in Midtown Atlanta, and now they apparently feel more comfortable living in denser spaces.
Buckhead Atlanta remains incredibly strong with a 37% increase in single-family-homes being sold, and 18% for the condominium/townhome market.
Focusing on residential real estate – Atlanta House numbers -it has been a great recovery from March through July 2020 and solid for a normal situation – The numbers are indisputably strong.
Without Question, the future of Atlanta remains bright. One just has to look at the housing market, specifically houses. The brightness really shines when you look at year-over-year statistics for the number of units sold. Both Buckhead Atlanta and Vinings distinguished their strengths in different ways, price and number of houses sold for consecutive months.
Buckhead Atlanta remains, justifiably, the iconic neighborhood to those outside of Atlanta, and year-over-year justified this view. For the month of July, 2019 to 2020, the number houses sold remained the same at 66. This market’s strength rests in the average increased sales prices for June ($162,172) and July ($208, 341) in the 30327 and 30305 zip codes.
Vinings and Midtown Atlanta further showed how strong the desire is for houses, especially greater personal space with normal social distancing. Leading the biggest gain was Vinings at 80% in June with sales almost doubling from 5 to 9. Better yet are July’s numbers, 100% increase of 7 to 14, and sales days on market dropping 44%. June’s average sales price trailed 2019s by approximately $38,000 and then surpassed last July’s by $90,000.
Midtown’s sales increased in June by 71% from 7 to 12, and 60% in July from 10 to 16. As for increased average sales price, there was a month’s delay in 2020 numbers surpassing 2019s. July 2020 outperformed 2019 by $131,673. Days on market remained relatively consistent with Buckhead Atlanta’s numbers.
When it comes to condominium and town home sales, 2020 numbers lag behind 2019s. This should be expected. The need for social distance and desire to have personal outdoor space, as a result of the quarantine, have not bode well for these sales. When will the trend reverse itself? I guess when people feel comfortable or are allowed to go back into an office, and other public spaces at pre-virus levels.
May 17, 2020 Back on April 27, 2020 I predicted and posted that the Atlanta housing market would come back strong. Well, it definitely has, and the number of new listings as recorded by the First Multiple Listing Service support this fact.
Jubilant Feeling of Georgia Re-Opening Confirmed – First Weekend of May New listings for both houses and attached homes (condominiums and townhomes) saw their biggest increase the weekend that Georgia Governor re-opened the state. Houses saw a 32.7% increase in new listings while attached homes experienced an 81.5% increase.
Condominium Listings Leading The Way – 218% Increase As you can imagine with all the precautions and concerns about contracting Covid-19, attached home listings were dramatically lower than house ones from the end of March of until the May 1st re-opening. During this gloomy period, there were 193 new listings, and now since approximately May 1st, 420 new ones. Count as that as a 218% increase homes coming on the market. Admittedly, these numbers still languish compared to house ones, as 506 houses were added to the market at this time.
Line of Delineation -Weeks of April 19th – 25th & April 26th-May 2nd The number of houses coming to the market stayed in the weekly range of 102-109 prior to April 26th. Since then, the lowest number has been 154 last week and jumped to 194 for this one, a 25% increase. For condominiums and town homes until the 26th, numbers fluctuated in the range of 56 to 79. Now, as of the line of delineation, the lowest number was the weekend Georgia re-opened, 118 units. Since then, the listings have increased to 143 and now 159 for this past week.
House Market Retaining Strength – Its second highest growth in the number of listings took place this past weekend at 25.9%, after a slight dip 3.4%. That hiccup followed a 32.7% increase during the weekend of the re-opening.
Buckhead Atlanta and Midtown Atlanta Markets – They have followed the same patterns as the overall Atlanta ones.
Rising up from the ashes, Atlanta proudly displays “The Phoenix” on its flag. Scrap the original reason for the symbol, but think about the goal of the city, then and now, a world-class city. 10 years ago, commercial real estate investors looked at Atlanta as a 2nd tier market. Now, it is considered a primary and safe one.
Vinings and Buckhead Atlanta housing markets have not experienced the realm of “Panic kills”- activity slows to a crawl. The panic that could “kill” market activity is the relative emotional meltdown of the trade war, impeachment, etc. Fortunately, Atlanta is far more attractive than these emotional stresses, as our city ranks as one of the top places for corporate and millennial relocation. Our (1)
Vinings and Buckhead Atlanta (30305) single-family strength remained solid year-over-year. Vinings rebounded from a slow start to the month and ended it with the same number of units sold in September 2019 as 2018’s, and a big improvement from a few months ago when Buckhead appeared to show some ongoing weakness. Buckhead Atlanta grew by an astonishing 21%, AND days on the market fell 289%. That number is much stronger than you realize as luxury homes that had been the market for over 365 days closed at the beginning of the month.
The condominium market for both Vinings and Buckhead Atlanta and revealed a potential softening, overall. Vinings dropped 25% while Buckhead Atlanta only fell 7%. In Midtown Atlanta, some of that weakening appeared with sales declining 4.5% (-3), 35 to 30. Its single home sales, just a small fraction of this market, fell by 1 unit (4 to 5).
Considering all the stress and anxiety that has been placed on the country through all trade war and impeachment turmoil, I think the market is doing incredibly well, and will grow again as soon as the panic abates. Moreover, you have multitudes of people leaving California, the Northeast, Illinois for Georgia where you have favorable business conditions. This should bode well for the Atlanta housing market, provided panic and anxiety do not rise to a paralytic level.
For further assistance in your Atlanta housing and real estate investment needs, please contact me at (M) 678.993.4951 or
(1) (Please see previous posts about Atlanta’s business environment.) (Note: In no way do I advocate, condone or stand by quietly in the face of any form of inappropriate physical or emotional misconduct.)
Buckhead Atlanta House Market Is Strong – Last month I posed the question as to which market was stronger, Buckhead Atlanta or Vinings. After comparing the last two months, unequivocally, the race is even. Let’s keep track for the rest of the summer months, including October. (Here in Atlanta, we have two summer endings: 1. Kids go back to school at the beginning of August, 2. College Football begins the Thursday before Labor Day, and 3. October when we starting wearing jackets.)
Buckhead Atlanta, just by the single-family-home stats, blows away Vinings. Across the board, as what happened for Vinings in May, the Buckhead market improved for sales price (+24%), Days on Market (-10%), and Units Sold (+5%). Vinings only had 4 sales in June of this year, and 6 during the last one. (Must be something in the Chattahoochee for June sales.)
When it comes to the condominium / town home (attached) market , we have some mixed numbers. Depending on what statistics mean the most to you, the Buckhead Atlanta or Vinings attached market will be stronger in your opinion. If you look at sales price, Buckhead Atlanta again blows away Vinings. In the former, the average sales price increased by 44% while they decreased by 9% in Vinings. For units sold and average days on the market, Vinings retains the lead.
For more information about how to get your home sold for the most amount of money in the shortest period of time, please contact me at James.Kobal@BHHSGeorgia.com and (M) 678.993.4951. If just wondering about your home’s value, please click here.
Business Environment Spurs Growth and Renewal with Government Support
I Feel The Need for Speed…to Relocate to Atlanta. Atlanta 3rd Best Among Large Cities for First Time HomeBuyerrs – Reality is #1 Now if you look at the list about Atlanta has to offer compared to the two cities ranked higher, we are most definitely #1. Look at the great business climate in which to work, and corporate one for relocation. Add to the fact, Atlanta is one of the most popular tourist and convention destinations, we are the best. Last but not least, are the other cities really major ones?
Atlanta So Strong It Cannot Be Ignored by Competitor Cities: Originally published on June 14th, Atlanta’s attraction for being a top business destination in “which you want to work” attracted attention in the Midwest by a was noted this rely by the renowned Key Tower Ohio. It ranked Atlanta as the #1 city in which to work.
Public-Private Cooperation: The Atlanta Westide Future Fund is one of the best present embodiment of cooperation between the city government and private philanthropic support to spur Atlanta’s commercial and residential real estate development while protecting its current residents against real estate tax increases for – the next 20 years. SunTrust Bank, earlier this May donated $5 million to the fund. Ms. Ebony Ford, according to the Atlanta Business Chronicle on May 3rd, benefited from it.
I thank Tim Keane who said the Westside of Atlanta provides the best commercial and residential real estate investment opportunities and highlighted the private-public cooperation, at the Atlanta Design Fesitval’s “Thoughtful Development for a Sustainable Future” on June 4th 2019. He and Nathan Hedges said that Atlanta’s Westside provides the greatest opportunity for commercial real estate re-use. Therefore, we have only tapped the surface of the Westside Atlanta’s growth.
Such cooperation can be traced to a great relationship between Atlanta’s city hall and business sector, especially its Fortune 500 companies.
What does that mean for residential real estate? Midtown Atlanta continues to assert its position as the strongest sub-market, the prime area for Fortune 500 Companies relocation. Berkshire Hathaway HomeServices Georgia Properties is the best Midtown Atlanta real estate has been entrusted to serve the relocation of iconic Atlanta corporations.
Fortune 500 Companies: Atlanta’s Fortune 500 international business environment continues to grow. In its recent recent history, the Georgia Aquarium grew from the incredible collaboration between Atlanta May Shirley Franklin and one Home Depot Founder Bernie Marcus. Now, you have rejuvenation of the West Side of Atlanta with the other owner, Arthur Blank after he built the world renowned Mercedes-Benz stadium.
The private and government sector are always looking to collaborate to improve the city. Rarely, do hear about a perpetual dispute between the two parties. This cooperation has its origins in the Civil Rights Movement as the “City too busy too hate” and former Mayor Kasim Reed, “Cooperation is better than confrontation.”
Forget “Hotlanta.” New York City and Chicago are just as hot in July and August as Atlanta. Our winters are mild, and we do not suffer from the winter drudgery. Forget about statistics. Atlanta’s weather consistently changes, except for the summer.
Diversity of Neighborhoods
In Atlanta, as we continue to unify a city of transplants, we celebrate and visit the greatness of the uniqueness of each neighborhood. Each one has its own special feel that you can immediately experience. Look back to Atlanta’s origins and Buckhead Atlanta’s founder Henry Irby who founded it back in 1840 after moving here from South Carolina.