-This is a transcript from Go Gaddis Radio to listen to the episode click here->https://on.soundcloud.com/JhMey
Welcome back to another week's edition of Go Gaddis Real Estate Radio, right here on AM nine 20. The answer in this first segment, we've got the Metro Atlanta Residential Real Estate Update for all of 2022. You're definitely going. Definitely gonna wanna stay at, stay at tuned. And pay attention to that one.
Easy for me to say n r. Something you should know about Metro Atlanta segment, the best rock climbing experiences in Atlanta. If you're anything like me, the thought of rock climbing does not resonate with me at all. But we're gonna tell you, if you do like rock climb, rock climbing, where you should go and.
Atlas Chalet shingles if you have them on your home in metro Atlanta. Is it a problem? My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners go from real estate novices to real estate experts. So home selling and home buying can be done with total confidence.
And without all the worry that's typical with life's biggest investments. And don't forget, we want to connect with you. Go to go gadi radio.com, G O G A D D I S radio.com. You can ask questions, you can make comments, you can push back, you can challenge things we say on the show. You can share your ideas.
Request your neighborhood. Be featured in our neighborhood spotlight, and you can subscribe to our podcast. We are available on all major podcasting platforms. We've got a very, very special guest today. She is very popular. Among the listeners, miss Tammy Slave from Dallas, Texas. Whoop whoop. Hello, Cleve.
For those of you who have not heard Tammy before, she is, uh, Lady, my special lady, she is my sweetheart. Is that a good way to describe it? That's a good way. We we're a little too old to call each other boyfriend and girlfriend. Is that right? That's right. Yeah. So you're my sweetheart from Dallas, Texas.
You are a real estate broker as well. Mm-hmm. in North Dallas, correct. Frisco to be specific. So if anybody who is listening is looking to move to F Frisco, just reach out to us and I will put you in touch with Tammy right away. Tammy, I'm gonna be interested in. The market in Dallas, cuz Dallas and Atlanta are very similar cities.
They're similar in size. I would say they're similar in values. Mm-hmm. in many cases, similar in all the technology that we have. So two very similar cities. So I'm gonna be interested to hear how what's going on in Dallas compares to what's going on in metro Atlanta. So is it okay if we walk through those?
Sure. I think you're gonna hear Ditto really. Just about across the board, you think the market is gonna be about the same. Okay. Well, let's take a look. First of all, in December of 2022, sales were down, single family detached. That's not the condos. In the townhomes sales were down 45% to forty two hundred and forty three, so we had about half as many of those sales in the month of December.
From From the previous year? From the previous year, yeah. From the, just from the prior December, yeah. Yep. about saying, I mean, I don't have my exact numbers. Like you got your numbers, got it in front of you. Got, but, um, from my conversations with the team and from the last time we pulled it, it is very, very similar to, you know, just a, a decrease.
I don't think we're quite at the 45%. Okay. I think we're a little bit less than that. Yep. But, Single family attached units. That's the condos in the townhomes. 998 of those closed in the month of December for a decrease of 43% over the prior year. I know we had decreases in the high thirties in November, and so now it looks like we're in the middle forties for the month of December.
Overall in the United States, I believe sales were down about 18%, 17 or 18% year over year. And I think you're gonna see that Atlanta's numbers are a little bit better than that. Mm-hmm. , they're not down quite that much for the year. Average sales price for the month of December, 2020 2, 450 2000, which is 8% higher than the average sales price in December of 2021.
Yes. not to confuse with the number of home cells equates to a, you know, the decrease in the number of home cells also means a decrease in the value. They, those are not running the same. Not today. Not today. No. It certainly prices are still going up, but the number of sales, you know, is not quite as affluent as we were.
Yep, yep. Exactly. Exactly. Okay, so let's keep going with the discussion here. Uh, average sales price, condos and town. $360,000. $360,000 in December of 2022, which is an increase of 5.1% over the same period in the prior year. Okay. So this is an interesting one and I'm curious to see if Atlanta is similar to the Dallas area.
Um, town homes have been on the rise. And we're seeing more units be built mm-hmm. on town homes than we had previously. So probably I would say in the last five years we've seen more town homes to be built in suburb areas and less condos. Were always in the downtown Dallas area. Mm-hmm. , but I'm seeing more town homes to be built out into the suburb areas than, um, where it was mostly.
Single family. Still mostly single family. Mm-hmm. . But I'm seeing more town homes pop up. I would say that's true. Yeah. In metro Atlanta as well. I would say that's definitely true here in metro Atlanta as well. Um, we've seen a lot more town homes being developed over the years. Mm-hmm. , there's still. A very small percentage.
Townhomes and condos probably represent 10 or 12% right. Of the Atlanta market. Do you think it's higher than that in Texas? No, I don't think it's higher than that. Just way higher than it used to be. Way higher than it used to be. They, they used to be, it was harder to sell townhomes in a suburb. Now it's very more people.
So why are the townhomes increasing in cells? Um, the number of town homes increasing versus the number of single family has decreased. Yep. Um, it's just, it's this. I'm gonna call it fad, but I think it'll stick around. But it's a, it's, it's a more desirable home for a, a segment of the market. Some people don't want any maintenance, right.
And be a member of a homeowner's association that's gonna take care of all of that for you. Mm-hmm. , uh, is certainly advantageous for some. Okay, let's look at year to date. 74,400 single family detached closings for the year, which is down 17% over 2021. 16,200 condos and town homes. Uh, for the year, which is a decrease of 21% over 2021.
Sounds like we're kind of in the same boat there. Dallas versus Atlanta. Yeah, I would say percentage wise, our number of cells, um, don't have it in front of me, but I'm gonna say it's probably more like 116,000. 120,000 total. Um, total. Okay. Yeah. Um, , which that's about where we were last year. Yeah, we had about 115,000 total sales this year.
I think when you look at everything, we had 95 or 96 or 97,000 sales. Dallas is a little bigger than Atlanta as well. I'm not sure how much bigger is or a little bigger. Okay. Average sales price, year to date, 453,500 for the single family detach, which is an increase of 13% over the prior year, but 452,000 average in December.
453,000 year to date. So you can see how price. Are going down just a little bit. Just about a thousand dollars difference. Yeah. Uh, year over year condos in townhomes 369,200 is the average sales price, which is an increase of 14%. You can see 369,000 in December, excuse me, 360,000 in December, 360 9 year to date.
So the condos in townhomes are dropping a little bit faster. They're still not less than they were this time last year. Yeah. But they're dropping just a little bit. It's really an interesting market when you think about it. Yeah. Because most people listen. would think that, oh my gosh, there's so much stress in the market that prices are gonna collapse, but it does not look like that's gonna happen anywhere really, for the most part.
Inventory, inventory of homes available for sale, single family detached is up 51% inventory on the single family detached is up 55%. How does that compare to Dallas? Very, very similar, but we have to remember, okay, what does that mean? Inventory up a year ago, um, what was inventory a. Or two? Two weeks or two in Atlanta.
Two literally two weeks. So when it's up 50%, what's inventory? A month and a half. Yeah. Right. You know, so we gotta also look at that. Yes, inventory is way higher, but still perspective is, we're not at six months of inventory. Not anywhere near six months of inventory. I would say both markets are less than two months worth of inventory.
Mm-hmm. . And we say if you have less than three months, less than four months worth of inventory, it is a seller's. For in five months worth of inventory, it is a balanced market over five months worth of inventory. It's a buyer's market and if you wanna understand that for the Atlanta market or for the Dallas market, you can certainly reach out to us by going to go gaddis radio.com.
If you want to talk to Tammy in Dallas, just put that in the contact US slot and we will have her reach out to you in our, something you should know about Metro Atlanta. Segment, the best rock climbing experiences in Atlanta. Tammy, have you ever been rock? I have never, I have never been rock climbing, never thought that I would like to do it.
Don't know that I have the hand strength to hold my body doing that, but let me give you some places. Claire, my oldest daughter. did some rock climbing. You've got adrenaline climbing in Swanee. You've got Escalade Rock Climbing, which is in Kennesaw and Peachtree City Stone Summit with locations in Kennesaw, Atlanta, near Mercer University, Midtown Rock, the Wall Crawler Rock Club, that's for kids ages six to 12, and that's in DeKalb County, on DeKalb Avenue in Caner Park.
So if you're interested in rock climbing, there are lots of opportunities for you in metro. How, let me ask a question, Tammy. In fact, let's do this. Before we get into our next segment, let's recognize the sponsor of this segment. This segment of the show is brought to you by John Birchfield and Capital City Home Loans.
John makes it his mission to guide each home buyer step by step through the entire loan process. So they are educated and confident in the mortgage options available and can make the best decisions along the way. He can be reached by calling 6 7 8 2 2 6 7 8 8 7. If you wanna sell your home anytime in the next six months, we believe we can sell it for $28,000 more than your neighbors sold their home for.
How do you find out more? Go to go get us radio.com. anything in Dallas called Atlas, Chile. Shingles . I have not heard of that. Not, not to say that it might not be there. Mm-hmm. . Um, but it has never in two decades crossed the discussion on that. Crossed my desk. So we have a listener question from Leslie and Carl and Canton.
We're buying a home and just found at a, found out it has Atlas Chile shingles, which we've learned are defective. Should we proceed with this type of. and all of that, all of that really depends on, um, you being aware of all of the facts. So Atlas Chile shingles are a flat three tab shingle where they used different color granules on the, the face of the shingle so that it looked like it was a three-dimensional architectural roof shingle.
And how do you tell you stand at the street? It looks like an architectural roof, meaning it looks like some parts are higher than others. And then you walk up to it and if you just look straight up the. The roof will be flat. Mm-hmm. , and you'll notice that there's no actual detail. I would say Atlas Chile.
Shingles are a problem. There was too much water used in the manufacturer of the product, and so you get these bubbles on the surface and then they'll burst. And so part of the roof shingle, uh, basically comes apart. I would say. Uh, Leslie and Carl, my suggestion for you is to do some additional research.
Make you know, make sure you know what it would cost to replace the roof. If all of it makes sense, proceed with the sale. If not, then I don't think there's any need for you to do that. Tammy, we gotta take a quick break. When we come back, we're gonna have Michael Crew with Homeowner Management Services.
We're gonna talk about increasing homeowner association fees and the association's responsibilities for infrastructure. Stick with us. We've got those subjects and more we'll be back.