The housing supply in the Atlanta, Georgia, metropolitan area stands at a 12-year low, according to recent studies of the real estate market for the region. The market now has just five months of inventory, lower even than the housing-boom years of 2005 and 2006. At that time, the region maintained roughly six to seven months of housing inventory.
At the worst point in the current downturn, the inventory for detached housing stood at 14 months. Condos showed an even larger inventory, with a 17-month supply. The current change reflects a general sense that the real estate market has begun to stabilize, industry watchers agree. Signs of stabilization include a steady increase in demand for housing over the last 15 months, as well as an increase in the number of housing permits.
Some experts believe that the so-called first-ring suburbs, closer into the central city, represent good investment opportunities at this time. The areas contain homes built about 50 years ago, making them good prospects for purchase, renovation, and resale.
About Stephen F. Been:
In 2009, Stephen F. Been was named Homebuilder of the Year by Professional Builder Magazine. Mr. Been currently serves as the CEO of Legacy Communities, a real estate development and construction firm in Atlanta, Georgia.