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Housing market health – luxury properties By JENNI BONURA Recent headlines indicate that the demand for luxury properties is on the rise across the globe. Christie’s International Real Estate recently reported in a white paper, that limited supply, record prices on top tier properties, and purchases that are non-local indicate strong activity in the luxury property market. Is that true for Atlanta, Georgia or more specifically our area? In recent years, luxury homes in North Fulton and its surrounds generally ranged from $1 million - $2 million. It has been a rarity to see properties sell over $3 million. In fact, year to date, there has only been one sale higher than $3 million (based on data from FMLS, sales from 1/1/2013 – present, residential detached, $1mil+, areas 13, 14, 221): Luxury properties currently for sale >$1 million = 176
# of Luxury Homes for Sale compared to 1 Year ago= -8% # of Luxury Homes Sold compared to 1 Year ago= +40% Average Complete Days on Market (291) compared to 1 Year ago = -14% Sales Price to Original List Price is consistently around
86% for 5 of the last 6 quarters Months of Inventory based on Closed Sales are one of the lowest within the last 5 years at 18 months. In summary, our luxury market is improving, but demand for the truly top tier properties has not yet caught
the eye of luxury buyers. As growth and new development continue, coupled with the steady attraction of large companies opening doors here, all indicators point to a healthy 2014 for luxury home sales. If you are considering buying or selling a luxury
property, you need a luxury specialist. Harry Norman, Realtors® has sold more luxury properties than any company in metro Atlanta and also in North Fulton. Please call me directly at 770-594-4901 for a recommendation of someone to assist you.
October 2013 Real Estate Report