Summerhill Real Estate Market Update

Summerhill Real Estate Market Update     We’re hitting the back side of 2016 so let’s review what’s happening in the market in some Atlanta neighborhoods.   So today we bring you our Summerhill Real Estate Market Update for the Second Quarter of 2016.  First a little about Summerhill.  Although Summerhill is a small neighborhood it has a large and colorful history.  Did you know Atlanta’s first public school for black children was in Summerhill? That Summerhill is now over 150 years old and was the site of riots in the mid 60’s by the SNCC and Stokely Carmichael?  Sam Massell, Evander Holyfield and Leo Frank are just a few of the famous people born in or lived in Summerhill.

 

Enough about the past, let’s talk about today.  If we’re going to do a Summerhill Real Estate Market Update we need to see what’s going on around Summerhill.   There are 3 major factors affecting Summerhill today and they’re all good.  First, there’s all the development happening along Memorial Drive.   This corridor is busting out with development including new residences, retail and various mixed use projects.  These technically aren’t in Summerhill but right next door and it’s going to add many grocery, retail and maybe some new transit options.  The second is Parkside Elementary.  Recently the Atlanta Public School System re-zoned the schools.  Summerhill had it’s small under performing school closed and they were being re-zoned to another under performing schools.  Residents of Summerhill organized and raised hell and instead got zoned to Parkside Elementary, a school in Grant Park.  Now, no one is going to confuse Parkside with Woodward Academy right now but Parkside definitely is an improvement over the old school and there are a lot of resources (read money) and influential people (read people who have money) working to make the Parkside/Hill/Jackson a great cluster.  Having Summerhill zoned here helps to blur the line between Grant Park and Summerhill and this also will help future values here.  Last, is the fact that the Atlanta Braves are leaving and Georgia State and Carter Development are moving in.  The Braves Stadium was a disaster for Summerhill due to myopic planning that never developed the area around the stadium.  Now all of that ugly asphalt that sits empty most of the year will be filled with classrooms, residences and college students.   Win for Atlanta and good luck Cobb County with all that Braves traffic and the bills that will come due soon.  I’ll be honest, I wasn’t initially crazy about GSU but I think it’s good for Summerhill at the end of the day.  But living near downtown, I’ve seen how students have changed the vibe and atmosphere of downtown for the better.  And there’s and old saying in real estate.  You can’t go wrong owning near a University or a Hospital.  Ok that’s enough rambling let’s get to some numbers….

We’re in a tight inventory market in Atlanta and have been for some time.  And this Summerhill Real Estate Market Update reflects that.  Let’s compare year-over-year numbers since that makes for the best comparison.  In the 2nd quarter of 2015 just 4 homes were sold.  And they sold quickly.  The average sale price was $220,875.  They sold for an average of 103% of their asking price and they went under contract in just 8 days.  Let’s compare those numbers to 2016.  In the second quarter of 2016 11 homes were sold in Summerhill.  Their average price was $239,318, or an 8% increase over 2015. These homes sold for 101% of their asking price. This fits right in with our prediction of 6 to 10% increases in these intown neighborhoods.

These numbers reflect what we’ve seen the past two years.  Strong demand, an improving city and low inventory continue to push prices higher.  This doesn’t mean that your Summerhill house went up 10% as each house is different.  That’s why you need an experienced agent.  If you’re thinking of buying or selling in Summerhill then you need an agent like David Bottomley that knows the area and the market.  Give us a call today so we can get started right away helping you achieve your real estate goals.

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