@Ror M.
It does seem like this is the case in Buckhead. Interestingly enough, it's location based to be sure. What is interesting to me is that as of May 28, there are 618 SFR homes for sale in Area 21 on the FMLS map, which includes Buckhead & Sandy Springs inside the perimeter. Only 37 are below $600k, or 6%. In the last 6 months there have been 398 sales with 88 below $600k. When pending sales are factored in, there are 114 homes that have sold or should sell in a 6 month range. That's roughly 20 per month, which means that the absorption rate below $600k is 2 months. Certainly a seller's market. But why are some taking so long?
Let's break it down under $600k (88 sales)
20 properties in Buckhead/Sandy Springs sold in 7 days or less.
10 sold in 8-14 days
11 sold in 15-30 days
18 sold in 30-60 days
11 sold in 61-90 days
19 sold over 90 days....let's look at those for a minute.
5 of the 19 were listed in 2 MLS areas, which means they weren't really in Buckhead, but located in an adjacent community. We should ignore those entirely.
6 were 2 bedroom or less.
All but 3 sold for 90-100% of original list price, which is really interesting considering how long they took to sell.
When thumbing through that list of 19 homes, the trends that stick out to me are this:
2BR/1BA take longer to sell
4-6 were definitely teardowns (lots marketed in the SFR designation instead of lot designation)
3-5 were outdated
3 or 4 were on busy roads or had some other property related problem.
Check out this map that shows a heavy concentration of $600k or less homes and where they are located? They are primarily clustered on the western side of 400 dipping down to where 75 and 85 meet.
The homes that sold in less than 7 days seemed to have 3 elementary schools in common: Smith, Brandon, & Rivers. A few others but I would say 70% were those three. All 9 out of 10's on Greatschools.net.
Hope this helps, let me know if my team can offer any further assistance.
Terry
