Ormewood Park Real Estate Market ReportChange is in the air, Atlantans! Even though the Ormewood Park real estate market is one of the hottest in the Intown Atlanta area, this was the first time we've seen a significant drop in the average home sales price. As you'll see below in our Fall 2018 market report, there are lots of good things to report, but for those that are thinking of selling in the next year or so, we want you to watch the market very carefully so you don't miss the current "seller's market" so that you can sell for top dollar. Please enjoy the latest Ormewood Park report and don't hesitate to call 404-432-1844 if you have any questions!
3Q 2018 Ormewood Park Real Estate Market Overview
Between July and September 2018, a total of 18 single family homes sold in Ormewood Park. This is down by about 25% from the same time period last year and is due in part to fewer homes on the market (i.e. low inventory) and homes that are priced way over the fair market value.
HOME PRICES IN ORMEWOOD PARK
For the first time, we found a fairly significant drop in the average single-family home sales price. This quarter it was $364,236 -- that's a $36,000 drop from the same time last year when it was $402,109.
Why did this happen? First, we want to say that this is not cause for alarm, it's more of a little nudge to let us know the market is changing. Also, when less than two dozen homes sell each quarter in Ormewood, the averages can be skewed by several high priced (or low priced) home sales. In this particular situation, there were more mid-range home sales and no new construction sales that usually drive the averages up. In the next 3 to 6 months, many of the new construction projects that are popping up all over Ormewood will be selling, so our hope is that will give a big boost to the average sales price.
The lowest home sold in Ormewood Park was just $200,000 and the highest priced home was $605,000. You can see all the recent home sales at the bottom of this report, along with the final sales price and how long each one took to sell.
Seller paid closing costs
If you are thinking of selling your home, please keep in mind that more and more home buyers seem to be asking the home sellers to contribute to their closing costs. This quarter more than 60% of the homeowners paid an average of $3,100.
Wondering what YOUR Ormewood Park home is currently worth? Request a home valuation and we'll email you a detailed report with an estimate on your home's current value.
HOW FAST ARE ORMEWOOD PARK HOMES SELLING?
Homes sold in 40 days on average, but 50% of the homes sold in 2 weeks or less. The median number of days on market was only 9 and we would consider that a more accurate reflection of what is happening in today's real estate market.
If you are thinking of selling your home and it is priced correctly (i.e. at fair market value), it will most likely sell within 2 weeks.
ARE BUYERS STILL PAYING TOP DOLLAR?
Definitely! Ormewood Park homes sold at 99.8% of the asking price, on average. An astounding 55% of the homes sold at or OVER the asking price.
If you are a thinking of buying a home in Ormewood Park, please know that multiple offers are still very common with homes that are priced / staged well and under $500K. Be prepared to make a strong offer and don't be afraid to offer the full asking price or a little over the asking price if the value is there (check with your agent first, of course!).
If you have questions, please call us anytime at 404-205-8800.
See the Latest Ormewood Park Real Estate for Sale
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Ormewood Park Home SalesHomes sold between 7/1/2018 to 09/30/2018