Grant Park Real Estate Market Update

Grant Park Market Update   It’s time to look at how Grant Park is doing so let’s take a look at how the market was in the 4th quarter of 2016.    This area continues to be red hot.  First a few fun facts about Grant Park.  This neighborhood, and Inman Park, contain the best collection of Victorian homes in the city.  The centerpiece is the park itself, 131 acres of mostly green space and it contains Zoo Atlanta .   The area experienced decline in the middle of the twentieth century as people moved out further.  But by the 1970’s it began a resurgence that continues to this day.

Let’s compare year over year numbers since that is the most accurate metric.  In the 4th quarter of 2015 there were 25 homes sold.  These homes sold in an average of 39 days.  Sellers got 98% of their asking price and the average sales price was $415,435.  All these numbers show that Grant Park continued to be a strong seller’s market.  Let’s compare that to the 4th quarter of 2016.  Last quarter there again were 25 homes sold.  They got 97.3% of asking price and the average price was $467,448.  The average days on market was 61 days.  Let’s dive a little into these numbers. The first thing that stands out is the increase to 61 days on market.  But this number is skewed as 2 homes sat on the market for an extended period. One was on the market 390 days and another for 232 days.  So really the average days on market was similar in both quarters.  The second number that stands out is the sales price.  That’s an 11% increase year over year.  We’ve seen prices going up between 6 and 10 percent per year here but again I think a few numbers skew this number.  For instance in 2015 there were 10 homes that sold for less than $350,000 but in 2016 no home sold for less than that, so we’ve probably really seen a 6% increase in price year-over-year.

The bottom line is the intown market continues to be strong overall and Grant Park is no exception.  And this is organic growth, not speculation/investor growth.  Amenities and infrastucture in Atlanta continue to improve and buyers still are wanting to live closer to the city causing prices to rise.  We believe price increase will slow in more mature (market wise) neighborhoods like Grant Park in 2017.  As always, these numbers can’t be directly attached to your Grant Park home. It’s best to speak to an experience Realtor when you’re considering buying or selling.  Feel free to give us a call at Bottomley Real Estate Group if we can help you in any way, including giving you a value for your home.  There’s no cost or obligation.

 

 

GP Mkt Update 4th Qtr 2015

GP Mkt Update 4th Qtr 2016

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