The Atlanta Journal Constitution recently published a Business article about the shortage of homes for sale in Atlanta. Journalist Michael Kanell references the housing inventory report from Georgia Multiple Listing Service which denotes Georgia as possessing the worst housing inventory deficit in the nation.
The analysis of the information is accurate, and reaches the obvious conclusion that the housing supply in Georgia is not keeping up with the demand. The result of the skewed supply and demand for individuals looking to sell their home in the Atlanta area, places them in a prime position to do so. Likely receiving multiple competitive offers at, or possibly above, asking price. On the other end of the spectrum, however, for buyers any desirable communities in metro Atlanta area are highly competitive. Many potential buyers are having trouble even finding available homes on the market at all in the communities they are looking to purchase in.
Ironically, as the majority of Metro Atlanta suburbs are showing deficits in housing inventory, Forsyth County is actually showing an increase in available housing for sale.
From May, 2015 to May of 2016, home inventory has risen 2.46% in Forsyth County.
This is likely due to the various studies and analysis that have been done over the last year in regards to housing markets and the individuals they are attracting.
According to an article posted in the Forsyth County News in March of this year, CoreLogic conducted a study using its Propensity to Purchase index and rated Forsyth County as No. 6 in the nation for millennial housing demand. Couple that with the studies reflecting the county’s high ranking in state schools, outdoor recreation availability, affluence, and health, and you have a very desirable area for millennials.
However, Forsyth County is not just attracting the younger crowds. An additional study by SmartAsset examined several regional factors that affect the quality of life for retirees including: tax rates, the number of doctor’s offices, recreation and retirement centers, etc. and Cumming was ranked as No.7 in the state of Georgia.
These reports, in addition to any other growth forecasts, have allowed Forsyth county to be in a culpable state of readiness to handle the growth it is experiencing.
Builders were listening, and have accommodated the housing demands. Retirement communities, developed by organizations such as The Orchards Group, are being built in well-planned and thought out locations close to activities, healthcare and recreation.
The planning and construction of the counties many parks and retail areas that are attracting millennials were also observed by builders who seem to have appropriately made plans to construct an adequate supply of homes to suit those demands.
Forsyth County is a great area of Atlanta! We enjoy working closely in the community to help homeowners with their Real Estate purchases and offer a smooth, and issue-free closing to do our best to make their transition to the area an enjoyable one.