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Banks continue to be aggressive with assets

POSTED: July 1, 2009 4:00 a.m.

Last month, the 400 North Board of Realtors reported a total of 17 sales county wide for April.

  

This month we were off by a good margin with a total sales figure of 13 for the month of May.

  

First and foremost, the banks continue to dominate the market with foreclosure sales. Out of the 13 total sales in May, five homes sold were either bank or corporate owned. Look for this trend of sales to continue or grow as the banks get even more aggressive with their assets.

  

New homes captured one buyer in the month of May. Look for this market to get even more aggressive in the near future as the builders compete for the buyers shopping for the foreclosure homes.

  

Now let’s talk about resale transactions. In April, we reported six sales between a traditional buyer and seller. In May this remained flat with a mere 7 sales. Look for this number to remain flat until the foreclosures and new home inventory are reduced significantly.

  

Some other points of interest that are currently driving the Real Estate market that are worth mentioning. Our own U.S. Senator Johnny Isakson has reintroduced a bill that was watered down earlier this year by the Democratic controlled White House and Congress.

  

His new bill is for a $15,000 tax credit to any home buyer (not just a first time buyer). The current $8,000 credit for first time buyers has had limited success.

  

The Georgia legislature recently passed a bill and signed into law that if you purchase a home during the course of 2009 you will receive a tax incentive of $1,800 paid over a three year period.

  

OK, let’s get to the figures for May:

  

There were a total of 13 home sales in May.

  

The average home sold for $208,290. As a side note, be glad you don’t live in Clayton County. The average home sold for a mere $51,784. 

  

The average days the home was on the market was 246.

  

At the current rate of sales, there are 17.2 months of inventory available.

  

These figures were provided by First Multiple Listing Service and reflect all home sales that changed hands through the assistance of a Realtor.

  

Scott Whelchel is the public relations director for the 400 North Board of Realtors. 

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