Metro Atlanta Real Estate Update, Silver Comet Trail; A Passenger Train from Atlanta to Savannah?
-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/zn5RJ
Welcome back to another week's edition of Go Gaddis Real Estate Radio, right here on AM nine 20. The answer. My name is Cleve Gaddes. And in this first segment of the show, we've got our Metro Atlanta residential real estate update for the last seven days. Why do we continue to do an update every seven days?
Because things are changing so fast in the real estate industry that we want to make sure we keep you up to date in our, something you should know about Metro Atlanta. We're gonna feature the Silver Comet Trail. I've never walked on the Silver Comet trail before myself, and I learned some things in the research for this segment.
And is it possible we'll have a passenger train from Atlanta to Savannah? We haven't had one since 1971, and there is a chance we might have one moving forward. Again, my name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listen. Go from real estate novice to experts. So home buying and selling can be done with total confidence and really without all the worry that is so typical with life's biggest investments.
We do want to connect with you and it is easy to connect with us. You can go to go ga us radio.com. That's G O G A D D I S radio.com. You can ask questions that we answer on the air or. , you can make comments about anything you want. You can push back, you can challenge any of the ideas or concepts we share on the show.
You can share your ideas with us that if you'd like, we'll share with other listeners and you can request, oh, you can request your neighborhood be featured in our neighborhood spotlight. And we would love to see a few more neighborhoods do that. Uh, everybody tells us that information is so valuable cause it helps 'em really, truly understand what's happening in their neighborhood.
Um, I'd love for you to go to the website there and suggest your neighborhood be featured and you can subscribe to our podcast. We're available on all major podcasting platforms and we would love for you to be a podcast subscriber. What is happening in Metro Atlanta? My guess is that if you are like so many all around the United States and Canada, That you are nervous, that you face some fear, you face some uncertainty, whether it is caused by inflation, whether it is caused by uncertainty of employment, which with all of the layoffs that have been front and center in the news over the last few months, um, people in the tech sector have been hardly hit.
Uh, have been hit hard, not hardly hit, but they've been hit hard, uh, with the recent layoffs. And it makes sense for people to be concerned whether it's noticing that the price of everything is going up at the grocery store, whether it's talking to your neighbors in the cul-de-sac, and, uh, having each of the neighbors or one of the neighbors or multiple neighbors share their concerns about what's happening in the economy.
It makes sense for people today to. Somewhat fearful and uncertain about what they should be doing from a real estate standpoint, and we're hoping that we can help alleviate that by giving you really current up-to-date market. Information On last week's show, we gave you the year to date numbers for 2022.
I believe sales were down 17%. On average, sales prices were up, uh, six or seven or 8%. Whether you're looking at single family attached, the condos and town homes or single family detached, the the, not the condos in the townhomes. And so let's take a look at what's happened in metro Atlanta in the last seven.
There were 1,498 new listings that hit the market. That is a good sign. It won't be too long before that number will be 2020 500 homes a week. So if you're a buyer, you feel like you've been kind of stuck out of the market cuz you can't find something that works for you and works for your situation and your family.
Whatever that family looks. There are 1,498 new homes for you to choose from. That hit the listing service in the last week, 1000 three hundred and seventy nine one hundred contract. For a long time, we looked at these numbers and we really, really desperately wanted the number of new listings to start to exceed the number of homes going under contract.
Uh, it has done it this particular week to the tune of 120 more listings than went under contract, and we'd like to see that, although we do have. In metro Atlanta right now, about two months worth of inventory versus two weeks worth of inventory. That would be, that would have been this time last year.
What does that mean? That means if no new listings come on the market, which I know would never happen, but let's pretend for a minute. No new listings come on the market. Then it would take, at the prior year's sales numbers, it would take two months to sell every single listing in metro. This time early January, or late January, or early February, I should say, of 2022.
There were about two months. There were 14 or 16 or 17 days worth of inventory. So when you think about it, we have almost four times as much inventory now as we head back then, but it is still a seller's market. Anytime you have less than four months worth of inventory, we consider that a seller's. Four and five months worth of inventory.
We consider it a buyer's market over five months worth of inventory. We consider that, excuse me, four and five months worth of inventory. We consider a balance market. Please forgive me, an over five months worth of inventory. We consider that a buyer's market. If you are looking to sell your home or you looking to buy a home, or you're looking to buy a home.
Any area of metro Atlanta, you need to understand the month's worth of inventory before you go in and either put your home on the market or start making offers cuz it really helps you understand how you need to behave. In the current market, there were 974 closings for the week. We will see that number continue to grow.
And then there were 1,219 homes in metro Atlanta that had a price decrease. So there were 1,219 home sellers out there who raised their hand saying, Hey, World. I am more interested in selling my home this week than I was last week, and I know that might not necessarily seem like a big, big deal, but that's 1,219 motivated sellers who you, if you are a buyer in today's market, who you should probably be focusing on trying, how do I get in touch with one of these sellers that has already indicated they're more motivated because they might be more flexible with you from a pricing standpoint if you've just joined.
You're listening to Go Gaddis Real Estate Radio right here on AM nine 20. The Answer, I'm Cleve Gaddis. In addition to being the host of this show, I'm also a full-time real estate broker with a team full of agents helping buyers, sellers, investors, and landlords make the best decisions whenever possible.
When buying, selling, or investing anywhere in Metro Atlanta, I would love nothing more than to connect with you, and it is easy. The phone number is seven seven. 4 9 7 0 0 0 0 and the website is go gadi radio.com. G O G A D D I S radio.com. Have you ever been on the Silver Comet Trail? The Silver Comet Trail is a paved pod, pedestrian rail trail, an old railroad line that was turned into a trail located 13 miles northwest of Atlanta, Georgia.
It is 61. 61 miles long. It is free of charge. It travels through Cobb Ping and Polk Counties. It is quiet. It is non-motorized. It's only for walkers. Hikers, bicyclists, roller bladers, roller bladers, horses, dog walkers, and is mostly wheelchair accessible. It starts at the Mabel Road. Trailhead in Smyrna and end.
All the way at the Georgia, Alabama State line near Cedartown and the Essam Hill Hill Trailhead at the Georgia, Alabama State line, the Silver Comet Trail connects to the 33 mile long Chief Laga Trail. Both the Silver Comet and Chief Laga are fully paved rail trails built on abandoned railroad lines.
The combined Silver Comet in Chief Laga Trail Link is estimated to be 94.5 miles paved from Smyrna. Uh, to Aniston, Alabama. There is also plans to connect the Silver Comic Trail with other trails in Cobb County, which would be very exciting. And there is plans to extend the Chief Laga another six and a half miles into Aniston, Alabama.
So if you are looking to bike or hike or walk or roller blade or whatever your heart's content, you should be able to do it on the Silver Comet. If you're looking to sell your home anytime in the next six months, we can believe, we believe we can sell it for $28,000 more than your neighbor. For those of you who are listening who are thinking there's gotta be some kind of gimmick there, there really isn't.
The reality is when you list with us, we provide what's called a customized maximum value plan. It's the only place in Georgia you can get one of those. It's like an appraisal on steroids helps you understand exactly how high you can push the price and still attract the right. And it also comes with a r and r program.
You relax while we refresh your home r and r. You relax while we ref refresh your home. We will provide up to $15,000 in allowance for you to use to improve your home. We will outline the repairs, we will coordinate the repairs, and we will help you get all those completed. We will sell your home and then we will collect that money back at closing.
If you wanna learn more to go to go gadi radio.com, G O G A D D I S radio.com. Click on sell for $28,000 more. 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're educated and confident in the mortgage options available and can make the best decisions.
Along the way, did you know that there has not been a train running, a passenger train running from Atlanta to Savannah since 1971? The Georgia Department of Transportation recently has pushed out a request for qualifications to find a firm willing to study service and infrastructure needed for passenger rail, for the passenger rail corridor.
The route could stretch between 200 and. And 270 miles between the two cities with the potential for other stops along the way. US Senator John Ossoff secured 8 million for the state's transportation's eight for the state transportation's agency to study the feasibility of this high-speed rail Atlanta Savannah, but were once linked by the Nancy Hawk's passenger train.
But that service ended in 1971, shortly before the creation. Amtrak, I think it would be really cool to have train service and they say the mayor of Savannah says that having rail service connecting his fine city to metro Atlanta could spur economic development and investment in the rural counties that the train would run through as well as relieve congestion on Interstate 75 and on I 16.
We're gonna take a quick break when we come back, the top 10 real estate markets to watch in 2023 and into the future. We've got that subject and more. Stick with us cuz we'll be.
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