Ormewood Park Home Sales Report
2016 (January – December)
It was a record-breaking year for Ormewood Park! Not only were homes flying off the shelves, home values rose faster than we’ve seen in more than a decade. Without question, this is the hottest neighborhood for rising home values Intown. If you are a proud owner of a home in Ormewood Park, please read the Homes Sales Report below and then give yourself a pat on the back for investing in this fabulous neighborhood!
Overview of the 2016 Ormewood Park Real Estate Market
HOMES SOLD IN ORMEWOOD
A total of 115 single family homes sold in 2016. This is comparable to 2015 when 120 homes sold. The demand for Ormewood Park homes is stronger than ever, but current residents love all that’s happening in the neighborhood and aren’t moving! We’re forecasting that this inventory shortage will continue throughout 2017.
HOME PRICES + VALUES
We saw another HUGE (and we mean HUGE) increase in the average single family home sales price this quarter, at $359,270 . That’s a $66,000 INCREASE from 2015.
Out of all the Intown Atlanta neighborhoods we recently surveyed, Ormewood Park had the highest year over year increase — 25.5%!
To put this in perspective, let’s say that you purchased a $3000,000 home in Ormewood Park a year or two ago. If you decided to sell it today, there is a good chance that your home is now worth about $400,000. Definitely worthy of a happy dance, right?
A few more interesting nuggets:
- In 2016, home sales ranged in price from $123,000 to $675,000, with the median sales price at $351,500.
- The average sales price has more than DOUBLED from 2011 when it was only $180K.
Aren’t you just the tiniest bit curious what your home is worth?
Request a home valuation and we’ll email you a full report with an estimate on your home’s current value.
HOW LONG DOES IT TAKE TO SELL A HOME IN ORMEWOOD?
Homes took 45 days to sell on average — BUT 50% of the Kirkwood homes sold in less than 2 weeks.
The median number of days on market was only 15 and we would consider that a more accurate reflection of what is happening in today’s real estate market, as were a few factors at play:
- Several newly constructed homes and/or home renovations were listed in the MLS before the homes were finished (so they took longer to sell)
- A few of the Ormewood Park listings were priced a little too high and they sat on the market – some for more than a year!
Long story short, if you are thinking of selling your home and it is priced at fair market value, it will probably sell within 2 weeks (if not the first weekend!)..
ARE BUYERS STILL PAYING TOP DOLLAR?
Yessir! Last quarter homes sold at 97.8% of the asking price, on average — or buyers were able to negotiate an average of 2.2% off the asking price. If you are looking for a home in ths neighborhood, make sure you consult with your agent, as you’ll probably need to offer at least the full asking price, as 43% of the homes sold at or OVER the listing price. The numbers say it all!
Have questions about this home sales report? Want to learn more about the neighborhood? The Grow Atlanta team would love to help with your questions! Call us anytime at:
** Be sure to ask for an Ormewood Park neighborhood specialist!
JUST LISTED HOMES FOR SALE IN ORMEWOOD PARK
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PLEASE NOTE: The homes sales data used in this Ormewood Park home sales report was extracted from the Atlanta MLS on April 17, 2017, and interpreted by Kerry Lucasse with eXp Realty. Information is deemed reliable but is not guaranteed and subject to change.
Grow Atlanta team at eXp Realty
… your intown atlanta real estate market gurus!