There have been some ups and downs for condo/townhome sales in North Fulton in the past.
Now, it looks like those ups and downs are in all the right places.
The sales data has been reported for August. When we compare townhome sales for August of this year to August last year, we see that both the number of sales and average sales prices are up significantly.
In fact, the percentage increases for both numbers are almost identical.
Unit sales rose over 10 percent and the average sales price came in at $193,798, which is up 10.6 percent over one year ago.
Townhomes and condos suffered heavily in the recession but these increases show how much demand there is for this type of product.
Not only do attached homes offer home ownership in great school districts at great price points, they also offer low-maintenance living for young professionals or empty nesters.
So, where is the “down” I mentioned?
In a word — inventory.
Inventory at the end of August for condos and townhomes was down 31 percent over a year ago.
This is a big reason why we’ll continue to see steady and substantial increases in average sales prices for townhomes and condos.
The average sales price was over $230,000 before the recession.
It’s my belief that we’ll get back to an average in that price range within the next 12 to 18 months.
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: firstname.lastname@example.org.