Tags: Business News, Community & Outreach
May 05, 2014The market for residential attached (condos and townhomes) in North Fulton and Forsyth County share some similarities, but have some stark contrasts as well.
With inventory in short supply, sellers are well positioned in both locations.
At the time this article was written, there were only 176 units available in all of North Fulton and 68 units in Forsyth County.
The supply of inventory for both locations is less than three months, which puts the market for residential attached well into the seller's market territory.
Where some of the differences in locations come in are unit sales and average sales price. Comparing the first quarter of this year to 2013, unit sales are actually down in North Fulton by 13 percent. Sales are up in Forsyth by 30 percent, but the number of sales overall in Forsyth is a fraction of that in North Fulton.
Average sales prices have risen at a higher rate in North Fulton.
There has been a nearly 20 percent rise to $203,817 in North Fulton and 7 percent in Forsyth County, up to $198,869.
Average sales prices are nearly the same but there are some other differences in the market.
In North Fulton, new construction makes up about 20 percent of the available inventory. North Fulton tends to have an older housing stock with many of the townhomes in Roswell being built in the late 70s and early 80s; however, there is some new construction available in Roswell as well.
On the other hand, the age of inventory in Forsyth County is younger, with about 30 percent of available inventory being new construction and the majority of the rest built after 2000.
What is best about both areas for townhomes and condos are the options, ranging from units fitting first-time buyers to someone downsizing but still wanting higher-end amenities.
Bob Strader is a local realtor with the NORTH Group of Keller Williams Realty. Visit his blogs liveincumming.com or liveinalpharetta.com or email him: email@example.com.