Sellers, don’t get buried in the avalanche of listings coming off the market

Avalanche!

The number of for sale listings in Atlanta that have either expired or were withdrawn in the last 45 days has seemingly snowballed. Although withdrawals and expireds are typical toward the end of the year, it is counter intuitive given December is one of the best months for real estate closings. Whether it’s for tax purposes or relocation or the other many reasons people move, December can be a BUSY month for real estate. In fact, if the number of residential real estate closings in any given year is divided by 12, there is a good chance it equals the number of closings in December.

Why do agents and sellers take homes off the market in December? Many sellers don’t want their houses available for showing in the time running up to the holidays. Some get discouraged by slower-than-spring market traffic. However, showings are generally of better quality in December and January because nosy neighbors and tire-kickers are distracted by the holidays. Showings are fewer, but of better quality.

The attached chart from the National Association of Realtors illustrates “The Sweet Spot” in the real estate market that occurs every year when homes for sale inventory craters, creating the least competitive environment for sellers any given year. Listings that haven’t sold in the current year come off the market with then intent of going back on the market in the spring. The problem is that those sellers face competition with completely new inventory in the spring which puts further downward pressure on home values.

Beacham & Company, REALTORS has already exceeded its’ 2017 sales as of October. The 12 year-old firm has already enjoyed its best year ever in 2018 as closings are up nearly 20 percent.

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October marks another sales record for Beacham

Beacham & Company, REALTORS set a record for sales in October with nearly $50 million in closed dollar volume. The firm also surpassed its number of sales for all of 2017. Beacham has now set all-time sales records in nine out of 10 months in 2018 and in every year of its existence.

Overall, the local housing market was down in October with 6,822 sales versus 6,962 in October 2017 which represents a decline of two percent. Year-to-date, Atlanta home sales in Cobb, DeKalb, Forsyth, Fulton and Gwinnett are up two percent due to gains in the first half of the year. Sales growth for homes of more than $1 million slowed in October to 8.8 percent but remain up 19.1 percent year-to-date.

The slowdown in home sales has led to a 7.7 percent in U.S. housing inventory year-over-year according to a recent Inman News article, while price reductions are up 15 percent from a year ago – both good signs for buyers. However, slowing new home construction due to soaring lot prices and labor shortages are working in seller’s favor. Robust new construction helps to keep resale prices in check. House flips are a growth opportunity for Millennial buyers and investors alike.

Look for more analysis on the current state of the Atlanta real estate market later this month in the fall issue of The Beacham Insider. To receive your copy, email i[email protected]

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Beacham & Company, REALTORS was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent – more than any other Atlanta real estate firm. In 2017, closed $600 million in home sales.

Beacham Insider: Who’s Buying Homes?

We are often asked, why is inventory so low? Marci Rosell, formally chief economist for CNBC and now chief economist for Leading Real Estate Companies of the World, points to demographics.

The continued slowdown in Atlanta home sales along with the unabated year-over-year surge in average home sales prices are the biggest takeaways in the recently-released summer issue of The Beacham Insider. However, the market results from the first part of 2018 bely a complicated story about the factors and facets of the Atlanta real estate market right now.

A persistent lack of housing inventory priced less than $750,000 (higher in some areas like Buckhead)along with a surplus above that threshold continues to play havoc with the market and create vastly different scenarios for buyers and sellers. The reason for this divergence has a lot to do with populationdemographics. Marci Rosell, formally chief economist for CNBC and now chief economist for Leading Real Estate Companies of the World of which Beacham & Company is a member,  says to think of America’s population as a “barbell” with Baby Boomers on one side and Millennials on the other (with Gen X the tiny handle in-between). Nearly 7 out of 10 homes in U.S. are bought or sold by either a Millennial or Baby Boomer. Millennials and Boomers are, in many cases, pursuing the same type of housing (albeit for different reasons) which is extending an unprecedented housing inventory shortage – and making the inventory of larger more expensive homes rise. Until more Millennials age into the market for homes affluent Boomers want to sell, inventory of $2 million-plus homes will continue to rise.

“The data shows that a (luxury) property either sells very quickly out of the gate for a high percentage of its asking price, or it lingers on the market and sells at a much later date for a much lesser percentage of the original listing price.”

-Wall Street Journal article describing the “off the top”nature of the luxury real estate market / May 3, 2018

 

Marci Rosell, formally chief economist for CNBC and now chief economist for Leading Real Estate Companies of the World of which Beacham & Company is a member, says to think of America’s population as a “barbell” with Baby Boomers on one side and Millennials on the other (with Gen X the tiny handle inbetween). Millennials and Boomers are, in many cases, pursuing the same type of housing (albeit for different reasons) which is extending an unprecedented housing inventory shortage.

 

Number of years it would take to sell every home in Atlanta priced more than $3 million at the current rate of sale if no new listings were added.

TAKEAWAY: The luxury market “barbell” is unbalanced to the Baby Boomer side and that is likely to continue to be the case for the immediate future. 

 

 

The percent of single family housing inventory as a percentage of U.S. population – an all-time low.

TAKEAWAY: Without more new construction and renovation/ regentrification, this number isn’t likely to materially improve in the near term.

 

What do local experts predict for Atlanta real estate in the second half of 2018 and beyond? Read the Insider to find out.

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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm.

Cookie cutter doesn’t cut it: why a customized approach to real estate marketing wins

Beautiful marketing is our passion, and it shows in both the materials we produce and our ability to achieve record sales every year. From photography to graphic design to print materials to digital advertising, we are obsessed with producing fresh, original, and always custom marketing materials. Being the best is “a thing” for us!

When we see real estate marketing that fits the same format for property after property, we cringe. Every home has its own story that is best told through a creative voice instead of an assembly line. Our marketing staff is not alone in each endeavor; our agents play a huge collaborative role in developing each piece of marketing we release into the real estate universe. At the end of the day, marketing is all about enhancing value.

Our marketing goes beyond just pretty things though. It’s a commitment to understanding the market around each listing, the market as a whole, and how each home fits into both. As a brokerage, we are constantly evaluating, re-evaluating, and discussing the macro and micro changes in the market. Our founder calls it a “think tank environment,” and that’s exactly what it is.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm also donated nearly $1,000 per agent to local charities over the course of the year.

Beacham tops in $1 million-plus ATL sales in 2018

Through the first four months of 2018, Beacham & Company, REALTORS® was where it has been for the last 11 years when it comes to luxury real estate – tops in Atlanta. The firm outsold all other Atlanta offices in homes priced $1 million or more according to Trendgraphix, an independent provider of MLS market share data to the residential real estate brokerage industry (see accompanying chart).

In addition to its top seller status, Beacham’s market share grew faster (+33%) than any other office in the top 10 in sales. For the entire MLS, the number of $1 million-plus homes sold in 2018 was up 13.5% compared to the first four months of 2017. The $1 million and up market did better than Atlanta’s overall housing market, which was up just 1% for the same period.

Home prices in the luxury market were a different story. The average sales price for $1 million-plus homes was down 2% from 2017 to $1,464,192.  The downward trend in prices continued a pattern that began several years ago. Unlike the market for homes priced less than $1 million which has very low inventory, the number of homes on the market priced $1 million or more is near record high levels and significant amounts of “shadow inventory,” or unlisted, expired or withdrawn listings exist.

Age demographics continued to weigh on the luxury market in 2018 as the increase in Atlanta’s population failed to boost the buyer pool for luxury homes that Atlanta Baby Boomers want to sell. The luxury market is an “off-the-top market,” where new listings either sell quickly or linger due to a property’s condition relative to new and renovated homes with contemporary finishes. Also, Gen X and Millennial buyers value different property features in general than Baby Boomers.

Read more about the luxury market in the upcoming issue of The Beacham Insider later this month.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm also donated nearly $1,000 per agent to local charities over the course of the year.

 

May 19-20: Enter to win Christina Baker painting

This weekend Beacham & Company, REALTORS® will offer open house goers a chance to win a Christina Baker painting ($800 value) by tagging the Beacham crest at any Beacham open house. Called “Quest for the Crest,” or for you Millennials, “#CrestQuest,” it’s your opportunity to add a piece of artwork to your collection from one of the hottest current artists in Atlanta’s art gallery world.

The rules are simple:

  1. TAKE a picture of the framed Beacham crest displayed at Beacham open houses;
  2. POST the picture on your (public) Instagram story;
  3. TAG the following Instagram accounts:
    1. @beachamandcompany
    2. @anneirwinfineart
    3. @christinabaker1

The more open houses you visit and tag, the more chances you have to win! We have more than 20 open houses scheduled this weekend throughout Buckhead and greater Atlanta. Click here for a map of all  our open houses.

Not on Instagram? We would still love you to visit our open houses but you must follow the Instagram steps to be registered to win.

The winner agrees to appear in person at the Beacham office to accept painting and be photographed for publicity purposes. Must be 21 or older to participate.  Beacham agents, employees, and their family members not eligible to win. For additional questions about contest rules, please email [email protected]

About the artist: Christina Baker’s works are displayed all over the United States including Anne Irwin Fine Art gallery on Miami Circle in Buckhead. Baker is a native of Amelia Island, Fla., who recently relocated to Murfeesboro, Tenn. She is a self taught artist who finds inspiration in nature. She uses acrylics as her medium of choice and picks up additional elements of mixed media when the desire arises. These competing elements bring the original life you can see in her work which Christina calls “extremely intuitive.” Christina prefers to work mostly in the abstract and impressionist genres, and she enjoys the challenge of creating harmony between styles that most would consider non-complimentary.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

Beacham sales hit all-time high in April

We sprung on spring! Beacham & Company, REALTORS® got off to a jackrabbit start this spring as evidenced by a 46.9.% increase in closings and dollar volume sold in April compared to the same month a year ago. In addition, the firm set records for most closings and dollar volume sold in any month in the company’s history.

Beacham appeared to defy the odds because preliminary closing numbers for the entire Atlanta MLS showed the market down 16.8% in April vs. April 2017. The final numbers for the market should improve since some brokerages are slow to report sales, but continued contraction of housing inventory should keep the percentage in the red. Closings of homes for $1 million or more were down even more than for all price ranges at 18.9%. Beacham once again sold more homes in the $1 million-plus price range in Buckhead than any other firm including those with thousands of agents.

Reasons for Beacham’s ability to buck overall market trends were numerous. The firm released a new website in March which led to an unprecedented surge in digital activity. Additionally, Beacham released its’ latest issue of The Beacham Series magazine in early April which generated more positive reviews and new business than any previous edition. Other recent new initiatives such as the firm’s Beacham 360 approach to marketing listings as well as collaborative internal support for agents to best position listings and to win multiple offer situations made a huge difference as well.

Beacham’s April sales were particularly strong in Buckhead and inside the I-285 Perimeter. Overall, MLS areas where sales were up in April included the Atlanta Westside, Midtown, East Cobb, and Historic Vinings. The market remained hard to encapsulate however, as some homes received multiple offers and others lingered on the market.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

Shepherd Center named Beacham Q2 charity recipient

Beacham Gives Back, the quarterly charitable giving initiative of Beacham & Company, REALTORS®, has selected Shepherd Center of Atlanta as its’ second quarter 2018 recipient charity.

Shepherd Center is a private, not-for-profit hospital specializing in medical treatment, research and rehabilitation for people with spinal cord injury, brain injury, multiple sclerosis, spine and chronic pain, and other neuromuscular conditions. Located in Buckhead, Shepherd was founded in 1975 and is ranked by U.S. News & World Report among the top 10 rehabilitation hospitals in the nation.

In its more than four decades, Shepherd Center has grown from a six-bed rehabilitation unit to a world-renowned, 152-bed hospital that treats more than 900 inpatients, 575 day program patients and more than 7,100 outpatients each year. Patients travel from across the nation – and even the globe – to Shepherd Center for its innovative brand of neurorehabilitation.

Beacham Gives Back is a charitable giving initiative of Beacham & Company that was started in March 2017 by one of Beacham’s agents. The program is believed to be the first of its kind – at least among Atlanta real estate companies. Recipient charities are not chosen by management but by the agents and staff of Beacham by popular vote each calendar quarter. In less than a year, Beacham Gives Back has donated nearly $100,000 to local charities including Our House, Crohn’s and Colitis Foundation, and the Emory Winship Cancer Institute. Prior to Beacham Gives Back, the firm has made donations over the years to Ronald McDonald House, the Forward Arts Foundation, the Atlanta Symphony Orchestra, and Children’s Healthcare of Atlanta.

Shepherd Center was nominated by Beacham agent Kyle Baumann who will serve as fundraising captain.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

 

Beacham remains only Atlanta firm to map weekend open houses on website

Beacham & Company, REALTORS® was the first and remains the only Atlanta website to exclusively map open houses – something even Zillow doesn’t do.

Any consumer who visits the Beacham website or the Beacham app can instantly see open houses plotted on a Google Maps-rendered window that makes navigating from one open house to another easier and saves valuable time when the window of open house hours can be small or overlap. By contrast, Zillow only plots homes for sale on a map; consumers must click through each listing to find out if the listing is being held open or not and if so, when.

The Beacham open house page is one of the most popular pages on the Beacham website, which, along with other Beacham marketing outlets, captured more than 1.3 million views over the last 30 days ending April 22. The Beacham app can be download here.

Open houses remain a very important part of the real estate sales process. Buyers who visit open houses become more knowledgeable about home prices. A seller who opens their home for an open house gives buyers the opportunity to see a house without having to arrange for a formal showing. From an agent perspective, nothing can take the place of a buyer visiting a home in person to determine property condition, room dimensions, lot topography, neighborhood feel and more. In fact, nearly three out of four real estate agents believe open houses are an indispensable part of the business according to the National Association of REALTORS.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

 

 

Whiskey Gentry performing at Beacham Series party

Beacham & Company, REALTORS® is thrilled to announce that Atlanta-based country and bluegrass band The Whiskey Gentry will perform at an invitation-only party in early May to celebrate the release of the latest issue of The Beacham Series magazine. The theme of the party is “Derby Days” in a nod to the upcoming Kentucky Derby.

The party, which is being sponsored by Campbell & Brannon closing attorney firm, will be at the cover home at 555 Argonne Drive, known as Spotswood Hall, in Buckhead. Spotswood Hall is celebrated as one of Atlanta’s most architecturally significant residences. The neo-Classical Revival style home was built in 1913 under the direction of architect A. Ten Eyck Brown, then redesigned by Phillip Shutze in 1933. Most recently, Norman Askins designed an expansion. It is currently on the market for $3,995,000.

Blayne Beacham Macauley, artist and Creative Director at Beacham & Company, is a friend of the Whiskey Gentry and has appeared in one of their music videos. She identified the band as best suited for the event which celebrates the cover home’s Southern roots and the festivity of the Derby along with the purpose of the party which is to celebrate the hard work that goes into publishing the magazine.

The Whiskey Gentry is a quintet formed by husband and wife duo Lauren Staley and Jason Morrow. The band’s 2011 debut album, Please Make Welcome (2011), became a critically-acclaimed hit and while touring in support of the record, Michael Smith was added on mandolin and Rurik Nunan on fiddle/vocals, along with Chesley Lowe on banjo and Sammy Griffin on bass. The band released their third full-length studio album entitled Dead Ringer earlier this month. The new album, recorded at Echo Mountain Studio in Asheville, NC, is said by Paste Magazine to “build on many of the sounds of their previous albums – incorporating deep country, Americana, honky-tonk, bluegrass and a stiff shot of gritty rock ’n’ roll, yet it also finds the band testing themselves and pushing beyond their own boundaries.” According to the band’s website, Dead Ringer deals with growing up, and how that’s affected the band’s relationships, and the places they’ve gone and people they’ve met in the process. As Staley puts it, “There’s also a lot of questioning where you are in your life: are you going to follow your dream, or are you going to do what society thinks you should do?”

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.