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The condo market in Atlanta is facing a glut at the moment.  There are currently 9,000 existing condos for sale and a further 17,000 units are being planned.  This indicates that the city’s condo market is reaching a point of saturation.  Real estate agents claim that there is a year’s supply in hand at the moment.  This does not include condos that are under construction, and condos in the high-end category. 

The increase in supply of condos indicates that Atlantans owning condos stand to loose money if they decide to sell.  Data available show that the city has a hefty supply of condos for sale at the moment.  At the same time, Atlanta is also experiencing an abundance of condo conversions.  According to data from Reis Inc., the metro ranked fifth in the number of apartments converted to condos nationwide. 

A downward trend in prices is already being seen.  Prices of Atlanta Condos for sale were down 5.1% in the second quarter, according to data released by the National Association of Realtors.  There has been no downward trend from developers, who keep moving forward, despite the depreciation.

It is believed that people who had invested in condos, hoping to make a handsome profit stand to loose money at the moment.  Instances of condos listed below the purchase price are not hard to find in Atlanta.  While this may look like a deal for buyers, sellers are the ones to suffer.  Buyers have too many options to choose from at the moment and this is hurting sellers in a major way.

It is believed that people investing in Atlanta, hoping to make a profit in two to three years, and make a profit will stand to be the biggest losers in Atlanta.  For more comprehensive information try atlanta.bizjournals.com. It is a resource that offers in depth analysis and great tips for potential home buyers.