As promised, here is the Forsyth County mid-year housing numbers.
And much like the report last week, the number of sales is up and prices seem to be rising, but the luxury market is still lagging a bit in Forsyth County.
The numbers are consistent with other parts of North Atlanta, with asking prices rising gradually and the median sales price rising a healthy 9 percent.
Asking prices are the best indication of which direction home values are going. Transactions, however, are up a whopping 28 percent, which is huge.
That’s especially big when you consider that there are many new construction sales that never make it into the Multiple Listing Service (MLS) because they were contract builds signed before ground was even broken.
I expect the sales increase to be even larger next year as new construction will explode from all of the land being developed right now. New construction will add a tremendous amount of home inventory to the market and help drive home values higher. As the economy continues to improve and prices continue to rise, more equity sellers will find themselves in the position to sell their home and more buyers will flood the market.
This is all good news for sellers and our local economy. It is making it more difficult for buyers to find what they want.