Kirkwood Home Values & Market Trends Report
1Q (January - March) 2018 :: Kirkwood AtlantaThe Kirkwood real estate market has been on fire for several years and Kirkwood home values have been rising at a record-breaking pace. This is our first quarterly report in several years that may show a shift in the market (eek!). We hope that this was just a fluke but wanted to make sure that any Kirkwoodian who is thinking of selling a home this year, is well-informed and can market and price their home accordingly. Please take a look at the latest report and if you have ANY questions, please don't hesitate to call us at 404-432-1844.
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Overview of the 1Q 2018 Kirkwood Real Estate Market
A total of 28 single family homes sold in Kirkwood between January and March 2018. This is down significantly by 30% from the same time last year when 40 Kirkwood homes sold. The demand for homes in Kirkwood is stronger than ever, but current residents love all that's happening in the neighborhood and just aren't moving! With rising interest rates, we don't see the inventory shortage in Kirkwood resolving itself anytime soon.
This is the first time in many years that we witnessed a DECLINE in the average sales price in Kirkwood. The average single-family home sales price was $412,471 in first quarter, which is about $16,000 less year over year. If you look at the positive side of things (we always try to!), the median sales price was up slightly from 1Q 2017 ($423K vs $430K).
A few more interesting nuggets on Kirkwood home values:
- In 1Q, home sales ranged in price from $235,000 to $660,000
- Fewer homes in the higher price point sold this quarter. Only 20% of the Kirkwood homes sold were over $500,000
- The average sales price has more than DOUBLED from 2011 ($176K vs $422K)
HOW LONG DOES IT TAKE TO SELL A HOME?Even with the inventory shortage in Kirkwood, many homes are sitting on the market for MUCH LONGER than they were in previous years. in 1Q 2018, Kirkwood homes took 84 days to sell on average -- that's almost twice as long as the same time last year. The median number of days on market was only 64 and we would consider that a more accurate reflection of what is happening in today's real estate market. But, the scary stat is that it only took 14 days last year. Why is it taking so much longer to sell a home in Kirkwood? Normally you'd think that with an inventory shortage, homes would continue to fly off the market, right? Based on our experience working in the Intown Atlanta neighborhoods, it seems that there are a few factors at play:
- Home sellers are pricing their homes too high
- Buyers get caught up in the bidding war and regret offering so much for the home, so they back out of the contract (and the home is back on the market)
- New construction or home renovations are listed before the home is finished, so that adds to the 'days on market.'
ARE BUYERS STILL PAYING TOP DOLLAR?Best answer: Usually! Last quarter homes sold at 98.1% of the asking price on average - or buyers were able to negotiate about 2.0% off the asking price. If you are looking for a home in this neighborhood, make sure you consult with your agent, as there will be situations where you may need to offer the full asking price and sometimes over the asking price, as 28% of the homes sold at or OVER the listing price.
.Have questions about this home sales report? Want to learn more about the neighborhood? The Nest Atlanta team lives and works in Kirkwood, so we'd love to help with your questions! Call us anytime at:
404-205-8800** Be sure to ask for a Kirkwood neighborhood specialist!
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Nest Atlanta team at eXp Realty :: 404-205-8800
... your intown atlanta real estate market gurus!
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PLEASE NOTE: The homes sales data used in this Kirkwood home values and real estate trends report was extracted from the Atlanta MLS on May 4, 2018 and interpreted by Kerry Lucasse with eXp Realty. Information is deemed reliable, but is not guaranteed and subject to change.