-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/9vS6q
Welcome back to another week's edition of Go Gaddis Real Estate Radio, right here on AM nine 20. The answer In this segment of the show, we've got our Metro Atlanta Residential Real Estate. Through the month of February, so for the month of February and through the month of February, 2023. Those of you who are wondering what is happening in the metro Atlanta housing market, are we getting better?
Are we getting softer or prices going up? Are prices going down? You'll get all that information also and are something you should know about Atlanta. Segment, we are featuring Zoo Atlanta. Have you ever wondered the history? I used to go to the zoo in the 1970s, but I had no idea of the history of the zoo and how it came to be here in metro Atlanta.
And are we headed? For a housing bubble. When you have a housing bubble, you the bubble typically burst. Are we headed for a bursting housing bubble? My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners go from real estate novices to experts. So home selling and buying can be done with total confidence and without all the worry that is so typical with life's biggest investments.
We don't want you to learn anything at closing or after that. You should have learned before this show is made possible. Modern Traditions Realty Group at Remax Center. That is my real estate team that I run with my business partner Christie. And, um, we, uh, would love to help you buy, sell, or invest in real estate anywhere in metro Atlanta.
Our families have been in the real estate business collectively, probably 60 years. My family about 37 years. Her. Maybe just as long, we might be over 70 years. We live, eat, breathe, and sleep real estate and we want to do nothing more than help you make the best decisions as you buy or sell property in metro Atlanta.
Don't forget, if you want to connect with us, it's easy and we'd love to connect with you. You go to go ga us radio.com. Go. G A D D I S radio.com. You can ask questions that we answer on air or off air. You can make comments, you can push back or challenge anything we say. Don't bother me at all, I promise you can share your ideas with us.
You can request your neighborhood. Be featured in our neighborhood Spotlight. And if you ever drive around listening to the statistics in the fourth segment of the show and think, man, I'd like to know those statistics on my neighborhood and go to go ga us radio.com and click on Contact us. Put a little bit of information in there about your neighborhood and we will feature you on an upcoming show.
You can also@gogaddisradio.com. You can also subscribe to our podcast. We're available on every major podcasting platform, and we would love for you to be a podcast subscriber. Let's jump. The Metro Atlanta Residential Real Estate update through the end of February. First, I'm gonna give you the numbers for February, and then I'm going to give you the.
Uh, for January and February together, there were forty one hundred and thirty nine single family detached. That's not the condos and town homes closing in the month of February, which is a decrease of 34% over February of 2022. 34% certainly sounds bad, but we were down almost 40% in December, in January.
So the reality is those decreases are starting to go away. And what's funny. It's not funny. What's interesting is that I'm starting to see with a lot of my fellow practitioners in their business that their pending volume is really starting to accelerate quickly. So we went kind of from being in a bad spot, real estate wise, to getting ourselves in a good spot fairly quickly.
There were 923 condos and town homes sold for the month, which is a decrease of 31% over February of 2022. The average sales price continues to. Single family detached, not the condos and townhomes. Average sales price, 445,000, which is 6.9% higher than it was this time last year. The average sales price for a condo or a townhome $376,000, which is six and a 5% ahead of where it was this time last year.
Year to date, January and February there were seventy two hundred and thirty nine closings for single family detach. That's a decrease of 38%, 38% down year to date, 34% in the month of February. Sales are starting to accelerate and I think you will see them continue to accelerate, at least for the next few months.
1,662. Condos and townhomes sold. Year to date, that's a decrease of 34% over 2022. Let's look at the sales price. Uh, less sales prices this year versus last year. Single family detached. Year to date, 440,992. Average sales price in February was 445,000. So prices are continuing to accelerate, and that's a very important number for everybody to understand.
That's an increase, by the way, of 7% over the average sales price in February, excuse me, January and February of 2022. Average sales price of a condo and a townhome. Was $368,000, which is 5% ahead of where it was this time last year, 368. Year to date, 376,000 was the average sales price in February. So in all categories, single family attached, single family detached the condos in the town homes.
Prices are continuing to accelerate. If you say cleave, how much are homes appreciating in metro Atlanta right now? I would say 5%, which by the way, is about what. Appreciated. Historically over time in that three to three and a half to five and a half percent range over time, inventory in single family detach housing continues to rise.
We had 9,757 homes available for sale at the end of February, which is a whopping 55%. Then the number of homes that were on the market at the, uh, end of February of 2022. There are 2099 single family attached listings, condos, and town homes, which is an increase of 125%. Think about that. This year, 2099 listings last year, 934, there were a total of 8,400 new listings entered for all property types in.
Uh, which is, uh, a decrease from the 11,192 that were entered in the first two months of last year. I certainly understand why some sellers may be hesitant to put their properties on the market cuz they think maybe now is not a good time to sell. I will tell you though, that what I am seeing is that properties that are in good condition, that are priced correctly, they sell very, very quickly.
And when I say price correctly, I don't mean price behind where they were last year. Or below where they were last year, I mean that are priced reasonably compared to where they were last year. And if you wanna know what that reasonable number is, based on the numbers I just read to you, it seems like that number reasonably is 5%.
Let's go directly. And by the way, if you've just joined us, you're listening to Go Gaddis Real Estate Radio right here on AM nine 20. The Answer. I'm Cleave Gaddis and I really appreciate you listening to the show in our, something you should know about Metro Atlanta. We. Feature Zoo Atlanta. I don't know when the last time you went to the zoo was.
All of my daughters are grown. I've got 'em from 25 down to 20. I have four of them. They're all off doing their own thing, and so I don't have anybody to go to the zoo with, and I haven't been to the zoo in many years. You know, spring break is right here, right now. There's really no better place to take your little ones or your visiting guest than to Zoo Atlanta Zoo Atlanta was founded in 1889 when business.
George v Gress purchased a bankrupt traveling circus and then donated the animals to the city of Atlanta. City leaders opted to house the collection in Grant Park, which is still where the zoo is today, though first inhabitants or residents of the zoo included a black bear, a raccoon, a jaguar, a hyena, a gazelle.
That would've been cool, a Mexican hog, lions, monkeys, and camels. The zoos collection expanded in the 1930s with the personal donation of a private. Owned zoo Collection of Animals that was owned by Asa Candler Jr on the 1950s and 1960. Were decades of renovation in construction at the zoo. But by the early 1970s, believe it or not, many of the exhibits and facilities were outdated and showing signs of disrepair.
In 1970, a small group of concerned citizens found of the Atlanta Zoological Society in hopes of raising funds and awareness for the institution. The zoo features today, several different habitats continues its effort. To connect people to animals. And in 2018 Zoo Atlanta was named a top 10 research zoo for its contributions to peer-reviewed scientific research.
You've got a pair of great pandas, Lulu and Yang Yang, uh, at the zoo, and they are always a very, very popular attraction. You've also got the Ford African rainforest that, uh, came to the zoo in the early eighties and nineties, so if you haven't seen the zoo in quite some time, go on out and see. With the rise in interest rates and the value of homes still going up and food cost going up, I'm always amazed every time I go to the grocery store, I think that what should be $40 is $80, and what should be 80 is one 60, and it's just amazing how much the cost of food has gone up.
With all of this going on in the economy, are you fearful? Are you scared that a housing bubble is Im. I got a listener question from Carlton in Milton. He says, I keep hearing the words housing bubble. Are we headed for one, like in 2008? And I'm gonna make a big, big, big, bold statement. And I'm gonna say no.
And the reason that the answer is no is because of a few things. Number one, there is so much equity in homes today. I think the average American has 300,000 in equity in their home today, which is really amazing. There's like almost 12 trillion in tappable. Equity in homes today, and when people have equity in their homes, we're not gonna face a foreclosure crisis cuz you can't take away a home from someone that has $150,000 in equity.
They will fight you and they will keep it. Number two, lending standards have been very, very strong. If we look at lending standards and stay, say, You know, in the 2000, 2000 to 2006 area, you know, if we looked at the ease of getting credit on a scale of a zero to a thousand, it was a thousand. If we look at it today, it's a hundred.
So it's much harder to get credit today than it was before we went into our last recession. And then the last and final thing is we just don't have enough inventory. I was reading some research today that shows we're somewhere between 1.5 million and 5.8 million housing units behind. And when you don't have enough housing units, you just tend to keep people, um, you, you tend to, to keep prices moving in the right direction.
Today, Atlanta is April Fool's Day. It's been a long, it's been a day when practical jokes and tricks are played on the unaware it's time when children convince their parents they've broken a bone, or parents get in on the planning too, maybe. How do you celebrate the day? We would love to hear from you on how you prank your spouse, your kids, or your coworkers.
Go to go get us radio.com. It is real simple. Don't forget. If you need to sell your home anytime in the next six months, we believe we can sell it for $28,000 more than your neighbor. If you don't believe me, just try me. Go to go gaddis radio.com, click on sell for $28,000 more. Put in a little bit of information.
This segment of the show was brought to you by John Birchfield. In Capital City Home Loans. John makes it his mission to make sure you are educated and confident in all of the decisions you will make along the process of getting a mortgage. 6, 7, 8 2 2 6 7 8 8 7 6 7 8 2 2 6 7 8 8 7. We're gonna take a quick break When we come back we've got a very special guest, Vicki Hogan.
Who is a member of our real estate team right here in Metro Atlanta who specializes in working with real estate investors. So as an agent, what is, what is it like to work with investors and is today a good time to be an investor? Stick with us. We'll be back.