STOP, SMILE:) Vinings vs. Buckhead – Updated July 10th – Vinings “Concern” Not Founded
I thank a good friend at the Windy Hill Athletic Club for leading me to address their concerns about the Vinings single-family market, as the perception has been negative. STOP. SMILE 🙂 The market has improved, year-over-year. When it comes to units sold, you see a 3.5% increase of 28 to 29. Median sales took a major swing upwards of 25% from $674,000 to $790,000. Admittedly, the pure average sales price dropped by 4%, but an outlier can explain it. In 2018, the highest selling house was $2.7 million compared to $1.92 Million and thus a difference of 40%. Finally, Days on the Market experienced the same mixed percentages as the sales price. Median declined 10% from 41 to 37 days, but the average increased by 37% as one house took 337 days to sell in 2019 while the longest sale was 214 days in 2018. (Don’t ask me about re calibrating the Days on Market stat as some of these houses went on the market the previous year, for both 2018 and 2019.)
Smile 🙂 Turned the Corner – Recent activity in Buckhead Atlanta, as defined by the 30305 zip code appears to have stopped a worrisome trend. The trend through May accounted for a decline in sales, 18% year-over-year. The median declined by 2%, and the the only reason the pure average increased was because a $8 Million house sold while in 2018 the max sale was $3.9 million.
Vinings, by a hair, wins the contest for the stronger housing market, compared to Buckhead Atlanta (30305 zip code). Looking at the sales numbers for May of 2018 and 2019, Vinings performed slightly better. Clearly, Vinings outperformed Buckhead Atlanta in house sales. Both the number of units sold and average sales price increased. Even with just a 7.7% increase (1 unit) in houses sold, the average dramatically climbed 37.9% from $663,654 to $915,393. This sub-market was the only one to see an increase in both sales price and volume.
Buckhead Atlanta More Attractive for Condominium and Town Home Growth –
Without question, Buckhead Atlanta surpasses Vinings for this sub-market in the way of activity, and demand. The number of units sold increased a whopping 23.2% (45 to 53 units) while the Days of Market positively fell 12%, 69 to 55 days. In Vinings, the demand for town homes and condominiums dropped 10%, even though the sales price increased by 12%($321,390 to $363,350). For Vinings, this result is not surprising as homebuyers looking in this location prefer a house with land.
Thank You for reading this article. For more questions, please contact me, James Kobal at 678.993.4951 or James.Kobal@BHHSGeorgia.com