It’s a wrap for Chastain Park Home Sales in 2013!
We saw 85 homes sell in 2013 in Chastain Park which was right at the record number of 86 sales recorded in 2012. The available homes inventory (actively listed homes) is still running low at just under 5 months. So technically Chastain park (on average) is in a Seller’s Market and have been for most of the year. As you can see from the chart below, homes sales exploded early in the year in March and April and then leveled out for the rest of 2013.
As you might expect from a recovering market the Average Sale Price rose in 2013 to $975,041. That was over $80,000 higher than the average in 2012 of $893,475. The Average Days on Market also plummeted from 150 in 2012 down to 90.
Here’s a breakdown by price point of what was selling. This data shows that even though it is a Seller’s Market for homes priced under $1M, we are still experiencing Buyer’s Market conditions over $1M. Subtle market nuances like this are key factors that many agents will not pick up on so it definitely pays to hire a local expert to position your pricing maximize your net when you sell. Or, support a lower offer when everyone is hearing that inventory is low and we are back in a Seller’s Market. While that is true – it is not true everywhere.
Lastly, let’s take a look at the available homes for sale or “Inventory”. The number of homes on the market remained near record lows throughout 2013. We are also now seeing older homes being torn down again for new construction. While most of these are still custom homes for residents, some builders are building spec homes again.
If you or someone you know has questions about Buying or Selling a home in Chastain Park, we believe they owe it to themselves to get as much information as possible. We are always happy to discuss the market, what is selling, what is NOT selling and how we are helping people make the best moves in Chastain Park. Call us at 404.939.3202 or email me at michael@BunchRealEstateGroup.com