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Chastain Park Residential New Construction Pricing and Performance

March 31, 2014

From www.CarsonMatthews.com/blog

How does Chastain Park new construction pricing line up with the performance of new construction homes in 2014? I’m keeping it very local here to get a close look at Chastain Park which is seeing lots of homes getting torn down making room for much larger new construction homes. I am being generous with the term Chastain Park and including the surrounding areas west to I-75 and North to Mt Vernon Pkwy that fall either into the Jackson or Heards Ferry School districts.

The easy answer to the question above is we have a healthy inventory of homes based on sales thus far in 2014. The homes are spread out among the price ranges of $1m+, $2m+ and $3m+. We are seeing the most sales activity under $2m, but there are two pending sales in the $2m+ market which is great.

Let’s Break It Down

** The average new construction home Sold in 2014 closed for $1,543,428, has 5534 heated square feet above grade, and has 5 bedrooms and 5+ baths. These 7 sales range from $960,000 to $1,895,000.
** The average list price of Pending new construction homes is $2,198,625, has 6524 square feet, and has 7 bedrooms and 6+ baths.
** The average list price of Active new construction homes is $2,196,063, has 6438 square feet, and has 5 bedrooms and 5+ baths.
I have made a chart (below) that shows how the market is performing broken down by Active, Pending and Sold. Looking at it on paper make a lot of sense and justifies where the active market is compared to the success stories of the pending and sold homes. There are plenty of options for the sub $3m market where most of the sales activity is, while offerings are available up to $4.5m.

Chastain Park New Construction Pricing

Chastain Park New Construction Comparison

** Under $2m – There are 8 homes actively listed under $2m with 7 homes sold and 2 under contract.
** $2m – < $3m – There are 6 homes actively listed with 2 homes under contract.
** $3m+ – There are 2 homes actively listed.

Based on the pending and sold homes this is a very healthy market without the worrisome saturation of unsellable homes. We have more new homes coming to the market that are in the beginning phases of construction and have not been listed yet. If sales continue like we are seeing in the first quarter of 2014 they will be a welcome site as they near completion.

For more information on Chastain Park, check out http://www.ChastainParkBlog.com.  Click Here to see homes for sale in Chastain Park.

Please leave any questions or comments in the comment section below.

Thanks,

Carson Matthews
Associate Broker/Realtor
Atlanta Fine Homes Sotheby’s International Realty
678-595-9286
http://www.CarsonMatthews.com

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