I have just completed compiling second quarter market statistics for the Metro Atlanta area and it seems that there is some positive news for a change, well, at least for the moment. When comparing the first and second quarters of 2008, the entire Metro Atlanta area saw an 8% increase in the number of homes sold and a 4% increase in price. There are currently 18 months of inventory.

Within Metro Atlanta, markets vary. For example, Alpharetta saw an 18% increase in the number of homes sold and a 2% increase in price (with 14 months of inventory) while lake front properties on Lake Lanier saw a 10% decrease in the number of homes sold and a 9% decrease in price. There are currently almost 44 months of inventory (down from 48 months only a couple of months ago). Optimism should be guarded, however. This is typically one of the busiest times for real estate in Atlanta and with oil prices and the number of foreclosures rising, we are likely to see a slower summer and fall. Additionally, although the number of homes sold has increased in many areas, this number is still less when compared to the second quarter of 2007, and prices, in general, are lower as well. As always feel free to call or email if you'd like to know how your town or community is doing.