The townhome and condo market in Smyrna Vinings continues to improve as seen in our October report much like the Smyrna Vinings single family home market. Smyrna Vinings condo and townhome sales continue at a higher rate than the same time last year, which is evident in the buyer activity that we’ve seen this year.
As you can see, we’ve been tracking the market for quite some time. We sell a lot of Smyrna Vinings homes, condos and townhomes and one of the major reasons is that we specialize in the area, we know the inventory of homes for sale and understand the trends, statistics and all the local pertinent information necessary for you to make an informed decision.
As you’ll notice, the green bar is 2007 and we were selling a lot more condos and townhomes in 2007. Sales dropped continuously in 2008, while 2009 stabilized and picked up in the fourth quarter largely due to the first-time home buyer tax credit. 2010 saw the market peak in the late Spring and Summer. Smyrna Vinings condo and townhome sales seemed to have leveled out last Summer and we’ve seen quite a bit of pickup in the last few months. Buyers are finding it hard to resist today’s interest rates in the 3s and the attractive prices. It really is the perfect opportunity for a home buyer.
The Active Listings chart depicts Smyrna Vinings condos and townhomes currently for sale. You’ll note that total active listings peaked in 2008, which can be explained based upon sales dropping significantly in 2008, which resulted in Smyrna Vinings townhomes and condos sitting on the market longer. In 2009, we saw the active listings drop significantly and this can be tied to the economic uncertainty, which resulted in a lot less development of new condos and townhomes for sale in the Smyrna Vinings market.
This trend has continued into 2011 and 2012. What we see now in the current market is that active listings in each month of 2012 have basically been lower than in any of the past five years. One interesting point about this is you have less competition if you want to sell in today’s market. If you’ve thought about selling and just aren’t sure, be sure to contact us or find out how much your home is worth. And if you’re looking to buy, inventory is thin and you’ll be fighting over the best properties with other buyers.
One other important statistic that we like to track is how we gauge the health of the Smyrna Vinings townhome and condo market. Months of inventory is a calculation that takes the current amount of homes for sale and divides that by the number of homes that have sold in the last 12 months. What the result means is if no more homes were listed, how many months would it take, based upon the past 12 months activity, to sell all the homes currently for sale. A result of 6 months is considered a healthy market, less than 6 months a seller’s market and more than 6 months, a buyer’s market.
What you can see in the chart above is that months of inventory dropped significantly in July and August and has stayed down since then. It is the first time we’ve seen inventory below the six month threshold in the past six years. The highest amount of bloat and most severe buyer’s market was in January of 2009 with significant improvement coming at the end of 2009 and throughout 2010. After a wild and bumpy ride in 2011 in terms of inventory, we’ve really seen a stabilization of the Smyrna Vinings condo and townhome market. We’ve seen sales increase in the past couple months, but not really any significant new listings to take the place of those under contract and sold. If inventory drops further, we’ll continue to experience a lot of multiple offer situations like we have already in the first ten months of 2012.
That’s your Smyrna Vinings condo and townhome activity recap for October.
Hope that was helpful and don’t hesitate to contact us if we can help you sell your Smyrna Vinings condo or townhome or find your new Smyrna Vinings townhome or condo. And don’t forget that we offer the most extensive Smyrna Vinings condo and townhome search in the area.