Decatur Real Estate Affected by Low Inventory in Q1

From Michelle Cavaliere – Keller Williams Realty Intown Atlanta

Total home sales in the City of Decatur dropped significantly in the 1st quarter of 2017 compared to Q1 2016. Overall, the market was driven by increased sales of condominiums and townhouses, while single-family home sales saw a notable decline versus last year.

Q1 2017 vs. Q1 2016

 

Highlights:

  • A 25% decrease in the number of homes sold vs. Q1 2016.
  • An 8.6% decrease in the average sales price and a 10.4% decrease in median sales price vs. Q1 2016.
  • A 30% decrease in the number of sales greater than $500,000 compared to first quarter of 2016.

Sellers continue to receive almost full list price for their homes with the sales price to list price ratio holding steady at approximately 99%.

Days on market saw a significant decrease over Q1 2016 to just over 6 weeks.

Elementary School Districts

The quarterly home sales distribution by elementary school zone for Q1 2017 vs. Q1 2016 is shown below.

 

 

 

 

 

The Winnona Park school zone saw a large decrease in homes sold in Q1 2017 vs. Q1 2016. Sales in the other elementary zones remained fairly level with their corresponding Q1 2016 numbers.

Residential Detached vs. Attached

Residential Detached

Single-family home sales decreased 42% vs. the same time period last year. Average sales price increased approximately 3% vs. Q1 2016, while the median single-family home price increased 9% compared to the same time period last year.

Both three bedroom and four bedroom homes were equally popular in Q1, though we’ve been flipping between these two bedroom counts for quite a while now.

Residential Attached

Condominium and townhouse sales were almost equal in number single-family sales this quarter accounting for 46% of the total homes sold. This is a huge jump from the 1/3 of total sales trend we’ve seen since we began tracking these stats (Q1 2015).

Average sales price decreased slightly by 2% vs. Q1 2016, however median sales price for condominiums and townhomes increased 29% over the same time period.

Two-bedroom floorplans were the most popular layout sold for condos and townhouse properties.

Summary and Looking Forward

The Decatur real estate market felt the effects of low inventory, with several overall categories showing decreases compared to Q1 2016. However, when broken out into single-family homes vs. condos and townhouses, the market showed very healthy gains in median sales price and decreases in days on market. Q1 was clearly a seller’s market and that will likely not change as we head into Q2 and peak selling season.

If you are interested in chatting with me about the market value of your home, click here. To see all homes currently for sale in Decatur download my home search app.

77 Acre Children’s Home Property Sale Agreement Signed

From the City of Decatur…

On April 25, 2017, City of Decatur Mayor Patti Garrett, the UMCH President and CEO, Rev. Hal Jones, and Debby Stikes, Chair of the UMCH Board of Trustees, met to sign the sale agreement for the $40 Million purchase of the approximately 77 acre UMCH property adjacent to the southeastern city limits of the City of Decatur.

Mayor Patti Garrett said, “We are so excited to keep this project moving forward and I am proud to be able to represent the Decatur City Commission in executing the contract that will start the process of making the purchase happen.”

Proceeds of the sale will support the UMCH mission in new communities according to Rev. Jones, who said “we are committed to reaching out to, and serving, the alarming and growing number of children and families who are in crisis. The sale of the Decatur property helps us expand this ministry across North Georgia.” Board Chair Debby Stikes added that “preserving the Moore Chapel and the gravesite of UMCH’s founder Rev. Dr. Jesse Boring was very important to the Board, to members of our alumni group, and to countless others across North Georgia who partner with us in this ministry. We are delighted with the City’s support in honoring the memories created on this property.”

It is anticipated that the UMCH will vacate the property by late summer or early fall, 2017. Once the City owns and takes possession of the property, the City will annex the acreage and begin a community-based master planning effort engaging nearby neighborhoods, UMCH alumni and other stakeholders to help determine a vision and plan for future use.

Decatur Home Prices Continue to Rise

From Michelle Cavaliere of 4 Walls Realty – Keller Williams Intown Atlanta

Very low inventory of homes for sale, and high demand, translated into impressive 1st Quarter gains for City of Decatur home sales.

Q1 2016 vs. Q1 2015

Decatur_2016Q1_summary

Decatur_Q1 2016_infographic

Highlights:

  • 16% increase in the average and median sales price vs. Q1 2015.
  • 54% increase in the number of sales greater than $500,000 compared to first quarter of 2015.
  • 24% increase in the number of homes sold vs. Q1 2015.

Sellers received almost full list price for their homes with the sales price to list price ratio at 99% in Q1, a small increase from Q1 2015.

Days on market saw a significant increase over Q1 2015, but this is still a low number by historical and national standards.

Elementary School Districts

The quarterly home sales distribution by elementary school zone for Q1 2016 vs. Q1 2015 is shown below.

Decatur_2016Q1_Schools

The Winnona Park school zone saw the largest increase in homes sold in Q1 2016 vs. Q1 2015.

Residential Detached vs. Attached

Residential Detached

Single-family home sales dominated the market, increasing 33% vs. the same time period last year. Average sales price jumped 12% vs. Q1 2015, while the median single-family home price increased 3% compared to the same time period last year.

Three bedroom homes were the dominant home sold, with 4 and 5 bedroom homes tied for second.

Residential Attached

Condominium and townhouse sales were almost equal in number to Q1 2015 and accounted for just less than 1/3 of the total home sales in Q1 2016. Their share of the total home sales has held at approximately 1/3 of the total sales since Q1 2015.

Average sales price increased 14% vs. Q1 2015, however median sales price for condominiums and townhomes decreased 13.3 % over the same time period.

Two-bedroom homes continue to be the most popular for condos and townhouse properties.

Decatur_2016Q1_Det_vs_Att

Summary and Looking Forward

The Decatur real estate market had a strong first quarter in 2016, outperforming the same time period last year in nearly every metric. Lack of inventory likely drove the price gains. Next quarter brings us into peak selling season where we’re likely to see the continued effects of the lack of inventory for sale.

If you are interested in chatting with me about the market value of your home, click here. To see all homes currently for sale in Decatur download my home search app.

 

Decatur Home Sales Finish 2015 Strong

Decatur Sales Q4 2015

From Michelle Cavaliere of 4 Walls Realty – Keller Williams Intown Atlanta

Fourth quarter sales in the City of Decatur remained very strong, showing less of the often-observed end of year slowdown frequently associated with not wanting to buy/sell during the holidays.

Here’s a look the Q4 2015 data vs. previous quarters and Q4 2014.

2015Q4_Decatur_overall

Again we have two standouts here – the 12% increase in average sales price vs. Q4 2014, and the 38% increase in the number of homes sold vs. Q4 2014.

Sales price to list price jumped back above 98% in Q4 and was just shy of the Q4 2014 SP/LP.

Additionally, there was a 15% increase in the number of sales greater than $500,000 over the number sold last quarter and over the fourth quarter of 2014.

Days on market improved slightly from Q3 to an average of 36 days in Q4, and overall in 2015 properties were on the market a short 37 days.

Elementary School Districts

The quarterly home sales distribution by elementary school zone for 2015 is shown below.

Continue reading “Decatur Home Sales Finish 2015 Strong”

Decatur’s Neighbors Post Impressive 2nd Quarter Real Estate Gains

Avondale_EntranceSignAugust2011

Brought to you by 4wallsrealty

What a difference a few months and peak selling season make in the trends! Here’s a look at 2nd Quarter 2015 data for several of Decatur’s direct neighbors. Our analysis of Q1 2015 can be found here.

Screen Shot 2015-09-30 at 1.57.22 PM

The spring market delivered improvements over Q1 in all categories – the total number of homes sold doubled or tripled, days on market decreased, average sales price increased, and sales price to list price increased for the most part across all neighboring areas. Avondale Estates saw the most dramatic change over Q1 with triple the number of homes sold, days on market cut in half, a 4% gain in SP/LP, and a 41% rise in average sales price versus Q1.

The number of homes sold increased for all neighborhoods during the spring selling season. Of the adjoining neighborhoods, Druid Hills leads the pack with just over half the number sold in Decatur. Kirkwood comes in right behind Druid Hills, swapping places from Q1. Avondale, East Lake, and Medlock Park were nearly equal, hovering around 30 sales in Q2.

East Lake, Kirkwood and Medlock Park homes boasted the shortest time on the market at 31 days and just edging out Decatur at 36 days. Avondale Estates homes were on the market a bit longer, selling in approximately 1½ months. Homes in Druid Hills took the longest to sell averaging just less than 2 months, which is not unexpected since homes at the higher price points typically take longer to sell.

Sales Price to List Price remained strong in all neighboring areas. Kirkwood came in with the highest SP/LP at 99.5% and took over the top spot from East Lake in Q1. Medlock Park tied Decatur for the #2 spot at 98.8%.

Druid Hills held onto the highest average sales price, but only saw a 7% increase over Q1. Decatur posted the 2nd highest average sales price and increased approximately 15% over Q1. Avondale ranked 3rd in average sales price and had the biggest jump increasing 41% over Q1. Kirkwood and East Lake were 4th and 5th with 12% and 14% increases over Q1 respectively. Medlock Park rounded out the group hovering just above $250,000 and was the only neighborhood to show a drop over Q1 of approximately 3%.
The 3rd Quarter numbers are likely to be interesting, since they combine the final two months of peak selling season with back to school.

Click over to our website to search for homes currently for sale.

Photo courtesy of Avondale Estates website

 

Just Listed: 3 Bed/3 Bath Decatur Townhouse; Open House Sunday

Exclusively Presented by4wallsrealty

facade

420 Sycamore Dr. Unit E, Decatur, GA 30030

Listed at $204,900

Updated, end unit townhouse in City of Decatur! Three blocks from Avondale Marta, less than 1 mile to downtown Decatur shops/restaurants, easy commute to Emory & CDC.  Features 3 bedrooms, 3 bathrooms, two master suites upstairs, upstairs laundry, 1 car garage with extra storage, and expanded deck.

Open House Sunday, August 2nd from 2-4pm!

More photos below and at 4WallsRealty.com:

Continue reading “Just Listed: 3 Bed/3 Bath Decatur Townhouse; Open House Sunday”

Decatur Home Prices and Sales Surge in Q2

Screen Shot 2015-07-15 at 8.37.17 PM

From Michelle Cavaliere of 4 Walls Realty – Keller Williams Intown Atlanta

Have several houses sold in your neighborhood this summer? Have you watched them sell in what seems like an instant? The second quarter numbers for City of Decatur are in and there are some eye-catching statistics to support those observations.

The table below compares Q2 vs. Q1 this year, as well as vs. second quarter 2014.

Screen Shot 2015-07-15 at 9.39.03 PM

There are two obvious standouts here. The first is the increase in average sales price, which is up 15% over first quarter 2015 and a huge 24% over Q2 2014.  Additionally, the number of sales greater than $500,000 is approximately triple the number sold last quarter and almost 2.5 times the number sold in the second quarter of 2014. Days on market dropped again, falling to an average of 36 days.

Some of you expressed interest in the home sales distribution by school zone last quarter, so here’s the 2015 breakdown so far.

Screen Shot 2015-07-15 at 9.50.03 PM

The Oakhurst Elementary district saw the largest jump in Q2, increasing to 2.5 times its Q1 number. The remaining gains over Q1 were fairly evenly distributed over the other elementary schools and consistent with the increase in total properties sold in Q2.

Finally, looking closer at residential detached vs. attached we again see some definitive trends.

Screen Shot 2015-07-15 at 9.39.46 PM

Residential Attached

Although the proportion of condo and townhome sales held steady at approximately 1/3 of the total sales for Q2, the total number of residential attached sales almost doubled over Q1 2015. This was accompanied by a 20% increase in the average sales price vs. Q1, and a 38% increase over the average sales price compared to the same time period last year. A jump was also seen in the most popular number of bedrooms for condo and townhome properties from 2 to 3 bedrooms.

Residential Detached

The total number of single-family homes sold was 32% higher than the same time period last year. This was accompanied by a 12% increase in the average sales price vs. Q1, and an 18% increase over the average sales price over Q2 2014. The most popular number of bedrooms increased to 4 bedrooms from 3 bedrooms in Q1.

Obviously the Decatur real estate market is very active so far this year with two months still remaining of peak selling season.

If you are interested in finding out the market value of your home, click here. To see all homes currently for sale in Decatur, visit my website.