North Fulton Sold Out?

OK, we’re not exactly running out of homes. I did want to get your attention though because the inventory of single-family resales are the lowest they have been in more than 2 years. And, foreclosures seem to be selling like hotcakes in North Fulton. I pulled some quick numbers of inventory levels at the end of June for this year and the previous two years, take a look:

 

    June 2007   June 2008  June 2009
Active SF Resale Listings in North Fulton       2024      2279      1970

While nearly 2 thousand homes sounds like a lot, keep in mind that the area I looked at is all of North Fulton both west and east of Hwy 400. This area includes Roswell, Milton, Alpharetta and Johns Creek. Another interesting note is how low the percentage of resale listings are foreclosures in North Fulton. Take a look below:

       Total  No. of REO     % REO
Active Listings in Metro Atlanta     43412      4442      10.2%
Active SF Resale Listings in North Fulton      1970        63      3.2%

Compared to all of Metro Atlanta, North Fulton has a pretty low percentage of bank owned properties. The reason for that could be the fact that North Fulton Schools remain in high demand. Most buyers out there are looking for deals so the foreclosures get snapped up more quickly. So, if you are looking for a foreclosure in this area, don’t waste too much time thinking about it.

But on the flip-side, if you want a well maintained, move in ready resale and you are looking in a very specific area or school district – there may not be as many out there as you think. Sellers offering more for less (a home in perfect condition and priced well) should be able to move their property in a reasonable amount of time.

Case in point: I listed a home in the Highlands at Park Bridge community on June 12th (about 3 weeks ago) and put it under contract on July 3rd. They had the home in perfect condition and the sales price was exactly where I thought it would end up – so there were no surprises for anyone.