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.
Even as Buckhead Atlanta single-family-home sales increased and Vinings remained the same and with slight changes to Midtown Atlanta, single-family inventory for Buckhead is a seller’s one while the other neighborhoods are most definitely a buyer’s, especially Vinings via an eight (8) month supply of homes. Even with that inventory in Vinings, good news exists – less than a month to sell your home.
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.
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(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.)