I know that you are getting hyper-curious since something happened to you recently with some GA real
estate and things aren't making sense - I've saw your other question.
I just gave 3 thumbs up to the answers below - simply put, this indeed is about supply, and demand, locally - by zip, by ESD, by police beat, by street, etc...
My man Chartmaster Chuck summarized the Q2 2013 market in metro Atlanta as follows:
"Another market shift is occurring. During 4Q 2012 we saw confirmation of a change from a market driven down by Distressed Property sales, to one driven up by reduced supply. This caused a fundamental change in the psychology of the market from a â€œBuyerâ€™s Marketâ€ to a â€œSellerâ€™s Marketâ€ environment.
The results are that many of our usual market measurements have turned in the direction of market recovery. Significant positive changes occurred in the median sales price (+23.6%), median S/OLP percentage (+6.6 percentage points), median DOM (-27.1%), incidence of price reductions (-15 percentage points) and percentage of failed listings (-13.0 percentage points) during this quarter.
However, even as these improvements were taking place, the percentage of distressed property sales remained high (39.4%) and the number of Active listings continued to fall. These conditions should also be considered by sellers when setting listing prices. Continued distressed property sales maintain a dampening effect on seller flexibility by their use as comparables in property price evaluations.
With our uncertain economy, short term housing market improvements should still be viewed cautiously. A sharp increase in the number of Active listings or distressed property inventory, or a decrease in sales, could expose the fragile nature of this improvement. But for now at least, Sellers should find less pressure during contract negotiations and Buyers will see a more competitive market with fewer sellers willing to accept low-price offers."
And again, Angela - get out of judgment and into curiosity.
Atlanta is holding up pretty well...