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Market Trends
Commentary Provided byRod Sullivan If you can qualify, now is an exceptional time to buy a home in McDonough. Low rates with falling home prices makes a home purchase a great value! Call now for more information at |
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| Report Date | Fall 2009 | ||
| Nearest Metro Area | Atlanta | ||
| Buyers’ or Sellers’ Market | More sellers than buyers | ||
| Average Time on Market | 90-120 days | ||
| Market Trend | Decreasing | ||
| Housing Inventory | Good supply - Some Prices | ||
| Average Home Price | $150,000 - View Graph Trend | ||
| Best Selling Price Range | $150,000 - $199,000 | ||
| Worst Selling Price Range | $300,000 - $349,000 | ||
| Compared to Last Year | Down 10-15% | ||
| Prices As % of Asking Price | 95-100% | ||
| Multiple Offers? | Yes | ||
| Greatest Activity | Investors | ||
| Buyer Activity for the past 90 days in McDonough is | Increasing | ||
| Seller Activity for the past 90 days in McDonough is | Increasing | ||
| Is Financing Available For Qualified Buyers in McDonough? | Yes | ||
| Existing Home Prices for the past 90 days are | No Change | ||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | More than 50% | ||
| Housing Hot Spots | Home Sales in McDonough for the month of June totaled 113 units, up 5% from June 08’. Month to Month Sales saw an upswing as there were 113 homes sold in McDonough in June versus 98 sales in May. Average sales prices are stabilizing, hovering around the mid 150’s price point for the 4th consecutive month this year. The average sales price for a home in McDonough is now $156,181 down from $192,752 one year ago as foreclosures continues to denominate the market. As prices continues to stabilize and interest rates continues to be historically low, homebuyers are taking advantage of some really great deals in the marketplace such as the $8,000 Federal Tax Credit for all 1st time home purchasers between Jan 1 and Dec 1, 2009 and the State of Georgia credit of up to $1,800 for home purchases (not limited to 1st time home purchasers) between June 1, 2009 and November 30, 2009. We are still experiencing multiple offers on bank foreclosures than ever before as average list to sale ratio is at 96% for June up 1% from May. Home sales in the next 90 days will be critical as the economy starts to show signs of a recovery. I caution buyers to stay away from large developments of 200 homes or more as many builders are financially strapped and thus cannot complete the development therefore empty lots with overgrown grass are becoming prevalent in and around Henry County. McDonough home prices peaked in 2006 as the average home price was $221,220. Henry County continues to enjoy a reputation of having superior schools. Most of my clients are demanding homes in the East Lake, Timber Ridge, Pleasant Grove, Union Grove Middle and High School as well as Dutchtown High School Districts. Please free feel to contact me as I welcome the opportunity to work on behalf of your home buying/home selling needs. | ||
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in McDonough! | ||
| Average Sold Price | $150,000 - View Graph Trend | ||
| National Real Estate Market | |||
| National Summary: National Housing Market Recovery Near? Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Click here for full article... | |||
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Rod Sullivan
Solid Source Realty Georgia Jonesboro, Georgia 404-388-4338 rsully72@msn.com Agent Home Page 
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McDonough Local News
News for McDonough, GA - Wednesday July 8th, 2009 8:44am
Home Sales in McDonough for the month of June totaled 113 units, up 5% from June 08'. Month to Month Sales saw an upswing as there were 113 homes sold in McDonough in June versus 98 sales in May. Average sales prices are stabilizing, hovering around the mid 150's price point for the 4th consecutive month this year. The average sales price for a home in McDonough is now $156,181 down from $192,752 one year ago as foreclosures continues to denominate the market. As prices continues to stabilize and interest rates continues to be historically low, homebuyers are taking advantage of some really great deals in the marketplace such as the $8,000 Federal Tax Credit for all 1st time home purchasers between Jan 1 and Dec 1, 2009 and the State of Georgia credit of up to $1,800 for home purchases (not limited to 1st time home purchasers) between June 1, 2009 and November 30, 2009. We are still experiencing multiple offers on bank foreclosures than ever before as average list to sale ratio is at 96% for June up 1% from May. Home sales in the next 90 days will be critical as the economy starts to show signs of a recovery.
I caution buyers to stay away from large developments of 200 homes or more as many builders are financially strapped and thus cannot complete the development therefore empty lots with overgrown grass are becoming prevalent in and around Henry County.
McDonough home prices peaked in 2006 as the average home price was $221,220.
Henry County continues to enjoy a reputation of having superior schools. Most of my clients are demanding homes in the East Lake, Timber Ridge, Pleasant Grove, Union Grove Middle and High School as well as Dutchtown High School Districts.
Please free feel to contact me as I welcome the opportunity to work on behalf of your home buying/home selling needs.
Send me an Email
404-388-4338
