by Andrei Leon, Founder, Artisan Haus
Since I started Artisan Haus as a boutique real estate brokerage our client base has been those in the creative space. This is likely a result of my personal interest in arts, entertainment and culture and maybe there is a similar wavelength of understanding and relation that has honed this niche focus for the firm. That’s why I was pleased to meet Randy Davidson of Georgia Entertainment News in 2022 and learn more about the real estate needs of the industry from a commercial, residential and location perspective.
In the coming months, we will share videos and articles that will include updates, insights and commentary about the real estate market in Atlanta and Georgia. I’ll cover topics including relocation strategies, loan, capital and financing options, commercial availability trends, and other areas of interest that specifically relate to the entertainment industry.
Today, I want to share data about 2022 and where we might head in 2023. Compared to a normal and stable market of buying and selling activity in Atlanta which teeters around the 6 months’ supply of residential real estate, the metro Atlanta market hit a 10-year record low of 0.8 months’ supply around January of 2022. We are currently at 2.1 months’ supply heading into January 2023. Simply put, there is still more demand than there is supply – and buyers who wanted to buy last year are still out on the hunt.
Those buyers aren’t failing to purchase because homes have gotten too expensive, but because the rates climbed over 7% in the fall of 2022 making monthly payments too high. Well, good news is mortgage interest rates just decreased below 6% recently signaling that buyers are going to start re-entering the market. At 6% it’s still not enough to say that we are going to immediately go back to multiple offer bid wars like we had in the spring and summer markets of 2022. During that time some homes received as many as 30-40 offers regularly. If the months’ supply and mortgage rates continue in the direction they have been going for the past 60 days, buyers may again start finding themselves outbid at the beginning of the 2nd quarter.
According to National Association of Realtors (NAR) “The Atlanta metro area continues to be more affordable than most areas across the country, with more than 20% of the renters able to afford to buy the typical home in the area… The job market is robust, with many major tech companies from the West Coast opening offices, such as Apple, Microsoft, and Visa. As a result, the area experiences substantial migration gains and fast population growth.”
Please contact me if have any questions about real estate. If I can’t help you, I know someone who can or can guide you in a credible direction. Also, I would appreciate your feedback including suggestions about future topics to cover.
Until next time, Andrei Leon
Artisan Haus is a boutique real estate brokerage serving the film and entertainment community with a trustworthy reputation amongst its domestic and international clients that are looking for a clear, confident, and stress free transaction process. Guiding clients based on understanding of up-to-date market trends and analysis of future market directions, Andrei Leon and his team provide comprehensive end-to-end consulting and brokerage services for individuals and companies interested in Georgia’s residential and industrial real estate. Whether you’re looking to buy, sell, or lease, Artisan Haus has the skills and experience to successfully realize your goals. For a consultation, contact Andrei Leon today at andrei@artisanhaus.com or 678-439-9346.
