New Year – New Numbers. Let’s see if we can improve on last year’s Market. January started a little slow this year, but overall a majority of the numbers for January show an improvement from this time last year. As you will see in the Atlanta Real Estate Report, one category stands out. That category is the number of active homes that are on the market for sale. There is almost a six percent drop in inventory compared to January 2015. There is a shortage everywhere. If you have a home for sale in East Cobb or most any place in Metro Atlanta, there is a good chance you will be in a sellers market. The market needs properties. A recent article predicted Atlanta as one of the top 5 markets to watch for 2016. The millennials (25-34 years old) and the retirees (65-74 years old) will drive the market in Atlanta this year. This should be a better year this year than last. The one area that I see that will or needs to adjust, is the new construction market. Prices are escalating to fast to continue at the pace it was in 2015. Take a look at the numbers to see how they compare to January 2015.
Atlanta Real Estate Report – January 2016
- Number of actives is lower (-5.6%) – There were 718 fewer properties for sale compared to January 2015.
- Pending ratio was higher (+7.3) – This is due to lack of inventory and buyers responding with quicker and more aggressive offers.
- Sold properties over the last three months are up (+8.6%) – This is during “Slower times” which really is not the case. Market Studies show that winter time is an excellent time to sell. Statistics show that 71 percent of homes listed in February 2014 sold in less than 90 days and 13 percent sold for more than list price.
- Months supply of homes is much lower – down (-13.2%) to 3.3 months of inventory.
- Median sales price is up – It is (+6.2%) higher than January of last year. It increased $13,227.
- Days on market for the last three months is lower – It is down (-11.3%) from 62-55 days.
- Number of actives is lower (-13.4%) – Down 238 properties compared to January 2015
- Pending and sold ratios are higher – Pending is up (+14.2%) and solds (+11.1%)
- Months supply of inventory is very low – The Detached home market is at 2.2 months of inventory – this is fueling the higher priced offers and quicker sales.
- Median Sale price is up almost $10,000 – Median sales price increased from $170,000 to $179,900.
- Median Days on market is down (-7.9%) – Median days are market is at 35 days. This is due to lack of inventory and more buyers.
Overall, the market started off slow in January for listings, but number of homes sold and overall sales prices of homes were up. Single family homes and condos are both in sellers markets for the price points at $600,000 and under. This is why selling is a good option right now. I live in Smyrna and there are very few homes for sale. Until we see more properties come on the market, competition from buyers will continue. This means higher sales prices, better terms, and quicker sales.
Atlanta Real Estate Report – Detached Homes
Atlanta Real Estate Report – Attached Homes
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