Foreclosures In North Atlanta We hear the news reports almost daily. "U.S. Foreclosure Inventory at Record Levels", "Foreclosure Inventories Climb", etc. I’m not suggesting those reports are inaccurate, but I do want to put our local market here into context. I’m speaking specifically about the cities of Alpharetta , Milton, Roswell and Johns Creek.

While inventories are down significantly from the peak, we still have a lot of homes on the market. But as a percentage of the whole, bank-owned properties are relatively small compared to other cities or even other locations around Metro Atlanta.

At the time of this posting, for the four cities I mentioned above: Alpharetta, Milton , Roswell and Johns Creek, there are 109 bank or government owned listings. I am not including short-sales, which are distressed sales to be sure, but still owned by individuals.

So, 109 Active foreclosures and 431 sold bank or government owned properties over the past 12 months. That comes out to approximately 3 months worth of inventory. And for the big picture, right now there are 1587 listings in Alpharetta, Milton, Roswell and Johns Creek. That means the 109 bank owned properties equals 6.8% of the total market.

The Take-Away

For home buyers looking in Alpharetta, Milton, Roswell and Johns Creek , foreclosures are somewhat limited. Demand for those properties are high. The average sales price / list price for foreclosures in November was 93.4%.

I would suggest considering bank-owned properties but not limiting yourself solely to those types of properties. And if you find the right one, chances are several other buyers found it too. Plan on moving quickly or getting into a bidding war.