The newly released AJC Home Sales Report confirms the general health of the Kirkwood and East Lake real estate market and that of the immediate area.
The report (available at http://www.ajchomefinder.com) shows that the strongest sector is new home sales. While the median price of new homes in the area fell slightly by 2.3% over the year, new home volume more than doubled from forty-one units in 2006 to ninety-two units in 2007 marking a 124% year-over-year increase in the number of new homes sold in the area. After years of consistent price gains, I view this slight drop in new home sales prices as nothing more than an slight correction and the dramatic increase in volume as an indicator that demand for new homes continues to strengthen.
While prices of new homes prices dipped somewhat, the average price of resale homes experienced a nearly 11% gain. While the overall volume of resales fell 17%, the pricing has strengthened dramatically. When considering that the total sold units (both new and resale) remained consistent year-to-year (464 units in 2006 and 441 in 2007, I feel that the slight decline (less than 5% in total unit sales) can be explained by sellers choosing to stay in their current home, or having mortgage situations where they are unable to sell may explain the lions share of the dip in volume.
These numbers stand in stark contrast to many other markets in the metro area where double and even triple digit decreases in price and volume were the unfortunate norm for the previous year. While the pain at the pump is pinching all of our wallets, the increasing cost and time of commutes is causing many in Atlantaâ€™s suburbs and exurbs to seriously consider intown living that is closer to work centers and entertainment.
Additionally, with Eastlake and Kirkwood now included in the Grady High School cluster, these communities are considered more desirable than when in the lower performing Crim Cluster. The transition to the Grady cluster is viewed as an overwhelmingly positive development for Eastlake and Kirkwood, which now have access to the city's top performing high school and places these areas in consideration for homebuyers with children along-side other higher-priced communities which are currently served by Grady such as Virginia Highlands, Morningside, Inman Park, Candler Park and Lake Claire.
All of these communities have significantly higher home values than Eastlake and Kirkwood currently have, and this development has already begun to exercise positive price pressure as families in the previous district seek out larger and newer homes in these new areas without having to trade-off for lower quality schools. If current market conditions continue, it is expected that Eastlake and Kirkwood will experience significant gains as the price points move towards their higher priced in-district neighbors.
Linda Jackson, Realtor
Atlanta Intown Real Estate
Are you working with a Buyer's Agent? If not, I do think that is very important -- an agent can assist you in the preparation of a STRONG offer and negotiate on your behalf to hopefully get the price down to your confort level. If you need assistance or have any other questions, please don't hesitate to call me at 404.432.1844.
Realtor, Keller Williams
View all available Kirkwood homes at: http://www.inKIRKWOOD.com
House everywhere are selling for less than the asking price! Of course, to what degree they are negotiable depends on a lot of things. A good Realtor can dig out the information that will help you determine how much leverage you might have. Properties new on the market are far less likely to negotiate a substantial price decrease than those on the maket 6 months or more. If you're working with a Realtor who is representing you as your Buyer's Agent, expect them to provide complete information to help you determine the seller's level of motivation. If you're not working with a Realtor...you should be!
RE/MAX Greater Atlanta
I and other realtors work the Kirkwood area and can help you with the purchase of your house.