Morningside Real Estate Market Update
MORNINGSIDE HOMES SOLDThirty (30) single family homes sold in 1Q. It's down from the same time last year (30 vs 38 homes sold) due to the shortage of inventory under $750K. We don't know how long the seller's market will continue in Morningside, but if you are contemplating selling in the near future, please check our Nest Atlanta market updates every quarter so you can find the best time to sell at top dollar.
HOME VALUESMorningside homes are selling at $830,469 on average. That's almost $100,000 higher than the first quarter of 2015! If we look back to the first quarter of 2008 (before the market crashed), the average sale price was only $649K, so Morningside values are way up!
- 30% of the homes were over a million dollars (9 homes)
- Only 2 home sales were new construction -- and there are 13 new homes currently for sale in Morningside
- Morningside home sales ranged in price from $418,000 to $1,423,250
HOW QUICKLY ARE MORNINGSIDE HOMES SELLING?Last quarter, single family homes sold on average in 57 days. The median number of days on the market was only 47 days and that's probably a more accurate reflection of the current market. Even though 47 days (or 6 weeks) may seem a little long, 30% of the homes in less than two weeks and almost half sold within 30 days. If you are thinking of selling your Morningside home in the near future, make sure that your Realtor does his/her homework to ensure that your home is priced at a price point the current real estate market can support. Not only will your home sell faster, you may receive multiple offers which will push up the offer prices on your home!
ARE BUYERS STILL WILLING TO PAY TOP DOLLAR?As we mentioned above, if your home is priced well, potential home buyers have no problem paying at or over asking price. The list price to sales price percentage is 97.1%, so buyers are negotiating about 3% off the sales price (on average). 27% of the Morningside homes sold at 100% or more of the asking price.