As 2014 is coming to a close, I thought I’d reflect on a few property types that I seemed to spend a lot of time this year viewing — these included Atlanta townhomes, condos, and lofts. If you are going to be in the market for one of these type of properties next year or just curious to see what the market is like, take a look at some of the stats below to get an idea of how each property type is trending.
If you want to check out the current list of available Altanta townhomes, condos, and lofts, follow the below links:
Atlanta Townhomes
Atlanta Condos
Atlanta Lofts
A few things to keep in mind while looking at the below charts:
1) I focused primarily on the areas where I have been getting the most requests to view properties (all inside the perimeter and located in some of the most popular locations such as Buckhead, Midtown, West Midtown, Brookhaven, Virginia Highland, Inman Park, Old Fourth Ward, etc). See the map to the right for the area I focused on.
2) For each property type, I selected homes that had at least 2 bedrooms and 1 bathroom. For the condo properties, I also selected only properties that sold for less than $1 million (otherwise, a couple of those $1 million+ condo sales can really inflate the average sales price…and let’s be honest, the majority of us are not in the market for $1 million condos!)
3) For the year 2014, the charts and data I refer to include the months of Jan-October (I am pulling this report in November and elected not to include the month of November & December which are yet to be complete)
4) This information was pulled from FMLS (First Multiple Listing Service) and is deemed to be accurate but not gauranteed.
Atlanta Townhomes:
The average year-over-year price increase for townhomes has steadily increased since the start of 2011. Looking back at 2011, the average townhome sales price was $259K. Obviously, we all know prices have been creeping upwards and is evident when seeing that the average price in 2013 was approximately $304K and so far for the year of 2014, the average price is around $339K. (this is an 11.65% increase from 2012!). The total number of sales year-over-year have been increasing, however at a declining rate. From 2011 to 2012, sales increased 27%. From 2012 to 2013, sales increased 16%. And finally from 2013 to Oct 31, 2014, sales are actually -13%. (Keep in mind that I have left out the last 2 months of 2014, so this could change the final data outcome).
Atlanta Condos:
The average year-over-year price for condos saw the biggest spike in prices from 2012 to 2013. The price jumped approximately 17% from $221K to $260K. This year in 2014, we are seeing yet another spike in prices, but not quite as dramatic as the 2012/2013 year. As of Oct 31, 2014, prices are up almost 10% from last year with an average price of $285K. What’s interesting is that the sales demand is not increasing very rapidly. For example, the # of sales from 2011 to 2012 for Atlanta condos rose 27%. From 2012 to 2013, only 5%, and so far from 2013 to 2014 it’s actually -14% (again, remember that I have not included Nov & Dec sales data for 2014 yet).
Atlanta Lofts:
The lofts category gets the prize for the most continual double digit percentage sales growth year over year. Loft prices have increased by approximately 15% (from 2011-2012), 16% (from 2012-2013), and 27% (from 2013-2014). Compared to townhomes and condos, lofts have the lowest average price point. In 2011, thea average sales price was $151K and now in 2014, the average sales price is $255K. The number of sales per year continues to grow (although by diminishing returns). From 2011 to 2012, we saw the highest spike in loft sales of 41%. From 2012-2013, we had 14% growth, and thus far in 2014 (through Oct 31, 2014), we are at 6% increase of year-over-year sale demand.
If you are curious about seeing a more narrow set of stats in an area of town you are considering purchasing, feel free to contact me and I can help you do some further research!
