In the span of a few months, the headlines would have us believe Atlanta's housing market has done a total about-face from a couple of years ago. From an inventory swamp to desert. Anecdotal evidence would seem to support the news: From Roswell to the Old Fourth Ward, we've personally heard tales of frustrated would-be buyers who were outbid on homes they really wanted. A recent open house in East Atlanta, we're told, drew a stampede of house hunters — and several above-ask offers before noon. So has the metro Atlanta job market been nourished back to health that much? Has homeownership regained its idyllic appeal? Or is the breakneck recovery indicative of other forces at play?
The website Realtor.com reports that homes in the Atlanta market, where the supply is suddenly tight, are selling in less than 60 days — below the national average of 98 days. USA Today pored over the website's data and reported the Phoenix market — where prices have swelled 23 percent — has been helped by strong investor demand for homes. "Atlanta is now seeing a surge of investors, too, as is Orlando, local Realtors say," the newspaper reported. Of course, the robust, fast-moving markets mean buyers and sellers are likely to see more multiple offers and fewer price reductions, one expert told USA Today.
Please, weigh in with your recent home-buying or selling experiences. And share your theories on what's driving Atlanta's newfound housing demand.
· Report: Atlanta homes among country's fastest sellers [Atlanta Business Chronicle]
· Homes selling faster as buyers outpace supply [USA TODAY]