Little Five Points (30307) Real Estate Market Update for November 2011
Candler Park + Inman Park | Little Five Points | Atlanta, GA | 30307 | Data extracted from the Atlanta FMLS 11/01/2011 to 11/31/2011
Single Family Home Sales in Inman Park & Candler Park Atlanta
Atlanta's Inman Park and Candler Park neighborhoods both border the popular business district, Little Five Points. Both communities have oodles of personality and charm -- and some of the finest historic homes in Georgia.
The home sales data from this past month, offer home sellers some solid insight into the current real estate market.
*** Be sure to read the "Lessons Learned" below. ***
Candler Park & Inman Park Atlanta Home Sales (Nov 2011 vs 2010)
Nov 2011 - 7 homes sold with an average sales price of $412,350
- 5 of the 7 home sellers paid all or part of the buyer's closing costs
- Homes sold, on average, at 96.4% of the listing price
- 4 of the 7 sold in less than 20 days - and 50% of those homes sold at or higher than the listing price
- The average # of days on the market was 65, but it ranged from 4 days to 233 days
Nov 2010 - 5 homes sold with an average sales price of $477,800
- Homes sold, on average, at 97.0% of the asking price
- Over 100 days to sell a home on average
Under Contract & Available Homes for Sale in Candler Park & Inman Park
10 homes are under contract / pending with an average asking price of $691,362
2 Short sale homes for sale
30 homes are currently for sale (active) with an average asking price of $563,320
[Current homes for sale range in price between $65,000 to $1,200,000]
Little Five Points Atlanta Homes Sold – November 2011
|
Address
|
Bed
|
Bath
|
List Price
|
Sold Price
|
DOM
|
|
Seminole Ave
|
4
|
3
|
$550,000
|
$515,000
|
82
|
|
Sterling St
|
4
|
3
|
$475,000
|
$464,000
|
233
|
|
Elmira Place
|
3
|
2
|
$469,000
|
$475,000
|
4
|
|
Brooks Ave
|
3
|
2
|
$399,900
|
$374,950
|
19
|
|
Josephine St
|
3
|
2
|
$385,000
|
$385,000
|
13
|
|
Josephine St
|
3
|
2
|
$375,000
|
$347,500
|
82
|
|
Colquitt Ave
|
2
|
1
|
$339,900
|
$325,000
|
20
|
This month's data aligns almost perfectly to the Metro Atlanta 2011 sales data and also offers some important information for those of you who are thinking of selling your home in the next 6 months:
Lesson Learned #1 --> Be prepared to pay all or part of the Buyer's closing costs
5 of the 7 home sellers paid all or part of the closing costs, ranging from $2700 to $8500
Most of the buyers now need to have a 10% or 20% downpayment in order to qualify for a loan and often don't have the extra $5,000 to $15,000 to pay for closing costs and pre-paid / escrow fees
Lesson Learned #2 --> Price your home correctly the first time
Metro Atlanta sales data tells us that those homes that are listed at or slightly below fair market value when they are listed, sell in 26 days at 97.5% of the listing price (on average).
In this month's report, 4 of the 7 Candler Park / Inman Park homes sold in LESS than 20 days - and 50% of those homes sold at or higher than the listing price.
The other homes that had a high listing price and had to reduce one or more times during the listing period took 82 to 233 days to sell -- and they sold for significantly less than their original listing price.
If you are a home owner and are worried about pricing your home too low, I wouldn't let that concern you. If you are priced $10K below the fair market value, buyers will recognize that and most likely, you will receive multiple offers and will often sell for more than the listing price.
Many banks purposely price their foreclosure homes well below the fair market value in order to generate multiple offers, select the most qualified buyers and maybe even sell the property a little higher than the fair market value!
Lesson Learned #3 --> Intown Atlantans LOVE older homes!
In this market, we usually only have one buyer for every 12 homes on the market. In the Little Five Points area a 4 bedroom / 3 bath Victorian or Four Square will almost always sell before the new construction does. In November, the average age of the homes sold was 96 years sold (1915). If you have a renovated home that was built before 1930, there is a good chance that it won't take you long to find a buyer!
Thinking of selling your Inman Park or Candler Park home?
We would be honored to answer any of your questions about the current market, review our tech savvy marketing plans, and provide you with a free home valuation.
Call Kerry Lucasse & the Nest Atlanta Real Estate Group anytime at 404.432.1844.
... be sure to ask us about our 'fair & flexible' commission plan!
Homes for sale in Candler Park Atlanta
Historic Inman Park Homes for Sale
See all the homes & condos for sale in Little Five Points
Search for homes by Intown Atlanta Neighborhood
