Atlanta Luxury Homes – Have Prices Hit Bottom? Is This the Time to Buy?

Atlanta Luxury Homes – Have Prices Hit Bottom? Is This the Time to Buy?

Atlanta home prices peaked in July 2007 according to research provided by the Atlanta Regional Commission.

This article takes real time data, plots the movement in Atlanta real estate prices in 15 upscale zip codes and draws conclusions about where this section of the Atlanta market and corresponding prices will go in the coming months.

After a 30% run up in the stock market since March, the Dow, Nasdaq and S &P are retreating somewhat perhaps 5 – 15%, but with far less volatility and without real conviction that the bears are back in control. We believe that the Dow will be above 11,000 by the end of year. Just a gut call.

We serve buyers and sellers of luxury homes in Atlanta, focusing on the zip codes that form a V starting in Midtown and moving north between I75 and I85 – ending up in East Cobb in the West and Alpharetta in the East.

By looking at real time market snapshot of Median Price movement (up, down, sideways) in these zip codes at 2 years, 6 months and 2 months – we can make deductions about where the market will go next and whether it is the time for buyers to move into the market feeling confident that their Atlanta luxury home purchase will appreciate going forward.

The data used to create the chart below is provided by Altos Research (available on our website under MARKET UPDATE) a California firm recognized for its innovative data collection by Bloomberg, Forbes and Business Week.

Here are the results of the research for the 15 Atlanta zip codes:

Zip Code….Median Price-2Yr………Median Price-6 Mo……..Median Price-2 Months

30307……..Up 16%…………………Up 11%………………….Up 1%
30306……..Down 1%……………….Down 1%………………..Down 1%
30309……..Down 5%……………….Up 8%……………………Up 3%
30329……..Down 15%……………..Down 5%…………………Up 1%
30324……..Down 10%……………..Down 2%…………………Down >1%
30305……..Down 10%……………..Down 2%…………………Up 2%
30327……..Down 16%……………..Down 16%……………… Down 3%
30339……..Up 11%…………………Up 7%………………….. Up 12%
30342……..Down 12%……………..Down 8%…………………Down 2%
30319……..Down 21%……………..Down 8%…………………Down 3%
30067……..Up 14%…………………Down 4%…………………Even
30328……..Down 4%……………….Down 3%…………………Up 3%
30338……..Down 6%……………….Down 6%…………………Down 1%
30068……..Down 10%………………Flat……………………….Flat
30350……..Up 6%…………………..Up >1%…………………..Up 4%

So, out of 15 zip codes prices have moved as follows:

2 Year……………………..6 Months…………………..2 Months

4 Up (6 – 16%)…………..3 Up (1-11%)……………..7 Up (1 – 3%)

11 Down (1 – 21%)………11 Down (1-16%)…………6 Down (3% or less)

0 Flat ……………………….1 Flat………………………1 Flat

From this analysis, we draw the following conclusions:

1. In the past 2 months, when compared to the previous 2 year and 6 month periods – price volatility has decreased.

2. In the past 2 months, price decreases have become modest compared to previous periods.

3. A greater percentage of these Atlanta zip codes have experienced price increases in the past two months than at any time in the past two years.

CONCLUSION: We believe that this data indicates, that while the median price in some of these zip codes may drift lower for a few months, the direction of the Atlanta market it positive and if buyers want to follow the behavior that has made Warren Buffett the most celebrated investor of our times, it is time to buy Atlanta luxury real estate and take advantage of the appreciation that will follow our recent historical economic downturn.

Please tell us what you think about this paper as we learn – only if we have the benefit of hearing other opinions.

Hinton Dillard, Managing Partner of Dillard and Company Realty Group has been building entrepreneurial companies since the 1980s. Hinton is a resident of Atlanta, Georgia. His firm specializes in assisting clients with selling and buying Atlanta luxury homes. For more information about Hinton Dillard and Atlanta Luxury Homes, visit Hinton’s website at http://www.dillardandcompany.com or call 404 895 2155.

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