Vinings Home Sales Update
As a general rule, I’ve been telling people to ignore the newspapers as many of their stats are usually based on metro, state or even national trends, which can be heavily impacted by factors not relevant in your local Smyrna Vinings real estate market.
Last Sunday, the Atlanta Journal Constitution proclaimed that “Vinings home sales hot in frigid market“. So I’m sure you’re probably thinking I should change my stance on newspapers. Not only was the headline positive about the local market, but it also used local stats.
But I can always poke a whole in their analysis.They do mention that they’re not really talking about Vinings, but rather the 30339 zip code. But that is the last time in the article that they mention this. The article mentions that home prices increased 57% and the number of units sold increased by 21.5%. But the majority of the article tried to hone in on the mystique of Vinings, the allure of Vinings and why it was kicking real estate butt when much of the Atlanta market was down.
In reality, they covered an area much larger than “true” Vinings according to the Vinings Homeowners Association. It was more the general concept of Vinings, that also includes the Cumberland and Wildwood areas of 30339 while also excluding the portion of Vinings that is in the 30080 zip code.
According to the Vinings Homeowners Association, “the northern-most part of Vinings is that area along and south of Stillhouse Road and Ranch Road, west of Cobb Parkway, and east of the railroad tracks. Vinings then includes all of the residential areas in Cobb County down to the Chattahoochee River, and then to the west up to the railroad tracks and then across to include all of the homeowners along Log Cabin Drive between Plant Atkinson Road and Cameron Place“, which is depicted in the shaded area of the following map:
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Given the fact that true Vinings is actually a pretty small area that doesn’t tend to have any new construction, thus making it difficult to have a huge surge in home sales or home prices, I ran the statistics from the First Multiple Listing Service for the actual neighborhoods in Vinings. What I found was that home and condo sales decreased by 6% from 2006 to 2007 and prices decreased 14% on average. This is a stark contrast from the AJC which stated home sales increased 21.5% and prices increased 57%.
The neighborhoods included in “Vinings” as defined by the HOA are:
So what does this mean and why as your local real estate guru am I telling you this?
I simply want you to be aware that Vinings by itself is not immune to the current real estate market as much as the AJC led people to believe. Their statistics were heavily affected not by traditional resales, but by new construction in the Vinings area defined as 30339, with much of the positive impact coming from the wildly popular One Vinings Mountain and other new neighborhoods such as Rivers Call at Wildwood, Greystone at Vinings, Riverwalk at Wildwood, Flats at Riverwalk and Vinings Overlook.
I guess what is most important to realize is if you really want to know what is going on in the local Smyrna Vinings real estate market, ask your trusted local real estate advisor. They certainly understand the local market better than anyone at the national or metro levels.
[tags]Vinings Real Estate, Wildwood Homes, Cumberland Homes, Vinings Homes for Sale[/tags]