The number of homes sold in Buckhead declined 6.1% last year as affordable condos and single family
detached homes (those priced less than $700,000) were either nonexistent or in less than desirable condition. Sales of homes priced $1 million or more were also a drag on the market, with value relative to asking prices acting as the primary difference in a better performance.
Buckhead clearly has a thirst for condos and townhomes as more than 1,400 changed hands in Buckhead in 2016 although just 44 of those were new construction. Condo sales represented 66% of all sales in Buckhead last year.
Inventory conditions in Buckhead are not expected to signifi cantly improve in 2017. Many homes that might be tear-down candidates are approaching asking prices that create a situation where builders would have to bring a home to market at a price where the months’ supply of inventory is already high.
What’s the answer for the Buckhead market going forward? Here’s what we would like to see more of:
• Construction of moderately priced condos
• Modest single family detached renovations
• Flips priced $1 million or less.