I just received the September market report for Metro Atlanta and, for the first time in 18 months, there are some positive trends in the market. The number of homes sold in September of this year will surpass September of last year. This will be the first year over year increase in 18 months! The biggest reason for this is the decline in home prices. The average sales price for single family homes declined 17.7% from September of last year. The average price for condos and town homes dropped 12.8% from September of 2007. Another sign that we have hit "bottom": the number of expired listings in September of this year compared to the same time last year has decreased. This is the first time in 33 months that we have had a year over year decrease in expired listings. In addition, months supply of inventory is also improving. Historically months supply increases between August and September as we move into the fall and traffic slows. This year, however, months supply of inventory has decreased.
Homes are more affordable than they have been in years. In addition, the price of oil has dropped, interest rates remain low, and credit is being put back in the market making it a great time to buy.