Director of Research and Communications Katie Fidler with St. Bourke joins the Atlanta Real Estate Forum Radio podcast to share a glimpse into the Atlanta housing market. Fidler sits down with host Carol Morgan to discuss lot shortages, development updates and her predictions for the remainder of the year on the All About Real Estate segment.
Living in the Atlanta area for most of her life, Fidler graduated from the University of Georgia and has over a decade of experience in the Atlanta real estate industry. Starting in office and leasing, Fidler shifted paths in 2015 to residential investment and has focused heavily on the development side of real estate ever since. Fidler is currently transitioning roles to move back under the umbrella of St. Bourke’s parent company Drapac Capital Partners and refocus on the investment side of the business.
Fidler said, “I’m a jack-of-all-trades in terms of Atlanta real estate. I love this market and living in Atlanta!”
When comparing the first quarter of this year to the first quarter of 2022, it is no surprise that almost every statistic is down. The one exception to the drastic decrease in the year-over-year (YOY) data is lot deliveries, which experienced a 3% increase in the first quarter compared to last year. Specifically looking at attached lot deliveries, which rose in popularity during the global pandemic, Fidler noticed an increase of 13% YOY. When comparing the first quarter of 2023 to the most recent ‘normal’ housing market year, 2019, many statistics provide a positive outlook on the current Atlanta housing market.
Fidler said, “You get a more accurate picture of where we are when you take a further step and use the comparisons from 2019 versus YOY.”
Looking at starts and sales on a YOY basis, starts are down by 40%, new home closings are down by a little over 20% and lot deliveries experienced a 2% decrease. Comparing the same statistics to 2019, starts are down by 20%, new home closings only experienced a 2% decrease and lot deliveries witnessed a whopping 2% increase. These YOY declines are symptoms of general market instability with increasing inflation, bank failures and high interest and mortgage rates. With 70% of homeowners possessing a mortgage rate below 4% and 90% of homeowners with a rate below 5%, it should come as no surprise that consumers are reluctant to buy in a market with rates set at 6% or above.
The Atlanta housing market is still dealing with a lack of inventory, prompting builders and developers to increase home prices. While there is still a demand for housing, the current market is undersupplying and causing home prices to bottom out.
Listen to the full interview above to learn more about St. Bourke, or visit www.StBourke.com.
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