Our August 2017 Metro Atlanta real estate sales overview numbers are in. Atlanta’s real estate housing market was strong all throughout 2016. Is it remaining strong in 2017 or is it showing any signs of slowing down and allowing buyers to catch their breath in between seeing homes & submitting an offer?
The median sales price in for homes in Atlanta, GA over the last 3 months is $268,551. This same time last year, the median sales price was $256,000. While our median sales price is up by 4.9% over all price points, the number of active homes for sale is down by 4.6% over this same time last year. If you’re tracking with us, that means there are less homes actively for sale for buyers to choose from and they are selling at higher prices. Because there are less homes to choose from, they are also selling faster, in fact 4 days faster than they were last year.
Limited inventory, particularly for lower-priced homes, has made it harder for entry-level buyers to join the market. However, first-time Atlanta homebuyers with budgets in the $300,000 range should take heart in knowing they’re not totally screwed these days. Although single family homes in the $100,000 to $300,000 sales price range are seeing 14.4% decrease in homes available for sale, there are still many great options out there! And, with rates hovering at all time lows, homes are still very affordable.
If you’re thinking of buying, the time is NOW. A 1% increase in interest rates can make a 10% difference in your affordability. And, it’s only a matter of time before the rates start moving up!
And, if you’re a seller, the news couldn’t be more positive!
Homes are selling in less days on market and a higher percentage of list price than last year! Multiple offers is an effect of low inventory. It was not uncommon in 2016 (nor will it be uncommon this year) for there to be 2 to 20 offers on lower priced homes.
Demand: August residential sales showed a 3 month trend of 7,457 single family homes pending a contract for sale, a decrease of 7.5% from the previous year 2016. The median days on market shows a 3 month trend of 23 days, down 4 days from this time last year. Median days on market tracks the difficulty of attracting acceptable offers, and it reflects the pricing & condition strategies used by Sellers as well as degree of price resistance for current buyers.
Price: Average and median sales prices continue to gain traction and outpace 2016’s figures, with positive gains. The median sales price in May was $268,551, an increase of 4.8% from last August, continuing a trend of higher median sales prices in a low-supply of homes available environment.
Supply: Atlanta area housing inventory totaled 16,858 units in August, a increase of 3.6% from August, 2017. The month’s supply over a 3-month period decreased 1.3% to 2.5 months.
So, is the metro Atlanta housing market shows showing any signs of slowing down? Over all price points, no. It’s showing ongoing strength with prices steadily improving and inventory generally at a low supply.
While the average Atlanta agent is selling homes in 23 days for 97.7% of list price, Catalyst Home Team is selling homes in an average of 7 days for 99% of list price! We’d love the opportunity to meet with you and discuss how you can take advantage of these excellent market conditions whether you are a buyer or a seller.