The real estate market, both nationally and locally, is in a very solid recovery. We wanted to get a sense of how we're doing compared to last year rather than a month-over-month trend, so we decided to compare the first half of this year to the same period last year for single family homes in North Fulton.
We know the number of sales are up and prices seem to be rising, but how broad is the recovery and what can we expect for the rest of this year? The chart below reflects that housing here is firing on all cylinders.
(click for larger version)
Across the board, the numbers are up showing healthy increases. The biggest indicator of rising prices is asking price; we see those are up 6 percent over last year. Median sales prices are up 9 percent, which is a big jump but a healthy jump.
We won't see sales prices rise like that forever, but I do think we'll see healthy increases in that range for the next few years for two main reasons. First, the market is hot in the lower price ranges and just now picking up in the luxury market. That market will continue to improve over the next 24 months. Secondly, we are on the verge of a new construction boom. New housing will have an impact on our market very much like it did in 2003 – 2005.
Next week, we'll look at Forsyth County, where I think we'll see even bigger numbers.