The 3rd quarter is over and it was not great - but not really worse than most analysts expected. During the second quarter (and before the statistics were complete), many of us thought that we would see year over year increases in sales volume, but those numbers were more heavily influenced by the tax credit than was factored in to many of the early interpretations. It now looks like we will end up a couple percent down in sales volume and 5-6% down in sales price. ANother significant statistics for real estate here localy is that for the first time, RE/MAX is no longer the number one real estate company in Atlanta. Keller Williams surpassed RE/MAX in the number of closed sides of real estate transactions. Congrats to all of us at KW in Metro Atlanta!
While the numbers look down, the truth is that it is marginal- more sideways really - and not as bad as the bottom (January 2009). There is a chance still that we may set a new bottom in January or February of 2011, but in the bigger picture it will be more accurate to say that we are really just continuing to drag along the bottom. The actuaries can come back later and pinpoint the exact moment of the day, week, month and year of the bottom because if that is what you are looking for before you buy a house then you have miscalculated how to avoid risk in the real estate market. I'm not saying go blindly into your next purchase - only that we are at the bottom and it's not possible to judge the exact moment although it is probably a safe assumption that if you buy right now you aren't likely to see significant equity increases based upon appreciation in the next 2-3 years. On the other hand you aren't too likely to lose money if you work with a competent professional to help navigate the minefield that is the current market with lots of great opportunities and lots of really bad ones! Sorry for the digression....below is the video (I'm still working on some technical qualities, but this is pretty decent). It's about 10 minutes long...
3rd Quarter Metro Atlanta Market Statistics
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