Coldwell Banker NRT Development Advisors releases 2nd Quarter 2010, quarterly view of metro Atlanta’s real estate market!

Coldwell Banker NRT Development Advisors recently released its Q2 2010 Development Advisor*, a quarterly view of metro-Atlanta’s real estate market (including absorption, current inventory, sales price, distressed sales, consumer sentiment and more).  Highlights about the 15-county metro area from the Q2 2010 report include:

• SINGLE FAMILY:  Consumer demand has declined precipitously with the recent expiration of the Federal tax credit. May and June are typically the best months for pending home sales in anticipation of closing prior to school starting in August. In May, 2010, pending home sales dropped 46% from April, 2010, however June, 2010 was up by 6% over May volume. Although it is a positive sign to see an increase in pending home sales, this number is still down 15% over June, 2009. There is also a sense of caution among builders in buying vacant developed lots. Opportunities for resets can, however, be found with accurate analysis and due diligence for proper positioning within a niche market.

• MULTI-FAMILY:  Preliminary numbers point to positive signs in the multi-family market as well. Pending home sales for both new and resale in June,2010 were up over 200% over June, 2009 and were also up 80% over May, 2010 volume. It is important to note that more than half of the June, pending home sales were of distressed homes (foreclosed, short-sale, lender-owned, and corporate owned). New construction home data are not complete because not every home is listed. However later in the 3rd quarter, deed-based transactions will provide a much more accurate picture of the multi-family new construction market.

To view the full Q2 2010 Development Advisor, click here.  Past reports can be downloaded here.

*Information for the quarterly review is complied largely from the company’s proprietary Universal Data Base, a system that pulls data for the entire metropolitan Atlanta market from both FMLS and GAMLS, deleting any duplication.  The report includes submarket profiles for Cherokee, Clayton, Cobb, Coweta, DeKalb, Douglas, Fayette, Forsyth, Fulton (North and South), Gwinnett, Hall, Henry, Newton, Paulding and Rockdale counties.  Multi-family home sub-market profiles are also included for Buckhead, Intown, Downtown and other urbanizing areas.