With less than 179 units on the market in North Fulton, across all price ranges, sellers of townhomes and condos are sitting in the driver’s seat.
Nearly 800 units have sold over the past 12 months, which equates to less than 3 months of inventory.
At the bottom of the market there were so many townhomes and condos for sale it didn't seem like we would have ever consumed that inventory. When we saw peak inventory in our market there were over 2000 units available in North Fulton County alone. But now, inventory is down and competition for buyers is high.
Even better news for sellers; townhome / condo prices have climbed at a faster rate than we've seen for single family homes. Looking at the first quarter of 2013 compared to first quarter of 2012 the number of units sold jumped 35%. Average sales prices rose 31% and the median sales price rose from $118,000 to $167,000, translating to an increase of 42%.
While prices have risen, the biggest reason for the jump in median sales price has to do with the lower price points disappearing and more expensive properties selling again. Founders Mill in Roswell and Academy Park in Alpharetta are seeing properties move briskly at prices over $400,000.