Metro Atlanta’s residential real estate market may be feeling the typical summer slump but average and median sales prices should keep things feeling sunny for the city’s real estate agents.
According to the Atlanta Realtors (formerly the Atlanta Board of Realtors) Market Brief on residential housing statistics for 11 area counties in metro Atlanta, July residential sales dropped 6.3 percent from the last year to 5,223.
However, average and median sales prices continue to gain traction and outpace 2016’s figures, with the median sales price in July jumping by 4.9 percent from last July to $259,000 and the average sales price jumping by 5.3 percent from the previous year to $321,000.
Atlanta area housing inventory totaled 15,701 units in July, a decrease of 4.9 percent from July, 2016. New listings totaled 5,165, down 0.7 percent from July, 2016 and down 9.5 percent from the previous month. The month’s supply over a 12-month period increased to 3.3 months.
Atlanta Realtors President Bill Rawlings said home values are rising at reasonable levels, and the Atlanta market has stayed accessible to both buyers and sellers.
“The local market has consistently had around a three-months’ supply for the past year, with sale prices improving reliably yet without the rapid acceleration of some other major cities,” he said in a statement.
Largest Metro Counties Sales Comparison ( Total Units Sold/ Median Sales Price/ Average Sales Price):
- Cobb: 965/$267,000/$309,000
- DeKalb: 655/$285,000/$337,000
- Fulton: 890/$395,000/$483,000
- Gwinnett: 1,112/$233,000/$261,000
The Atlanta Realtors Market Brief cites data from First Multiple Listing Service, Inc. and covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.
Source: Bizjournals