Metro Atlanta home sales increased 5% in the first quarter of 2011 compared to the same quarter a year ago, but prices slid 8% due to continued high levels of foreclosure sales that offset increased demand and dwindling housing supplies (metro Atlanta housing inventory is currently at a seven year low). Buckhead and Atlanta intown neighborhoods were among the bright spots for prices. Buckhead single family detached home prices were up 8% in the first quarter while Atlanta Intown (Ansley Park, Garden Hills, Morningside, Virginia-Highlands) were up 11% from a year ago. Alpharetta West/Roswell saw home prices increase 5%. The Buckhead home price increase can be attributed to a 31% drop in housing inventory from a year ago, leaving buyers with fewer choices and, in some cases, involved in bidding wars for homes that are new to the market and priced well. In March, more than 15% of new Beacham & Company listings went under contract within two weeks of being put on the market.
