Atlanta Housing Statistics - December 2015
The most recent housing market statistics for Atlanta were recently released and there are a handful of indicators that tell us where the Atlanta housing market stands. Some good, some not so good. It all depends on whether or not you are a buyer or seller. Overall the month of October was positive for the Atlanta housing market. Both sales price and available inventory ended up in positive statistics.
We have listed our three key statistics we think are important for everyone to know:
First, there is currently only a 3.8 month supply of available inventory for the metro Atlanta market. This number continues to be very low and the month of October did not help this. We also do not anticipate November or December's numbers help either. A 3.8 month supply of inventory means that it would take that long for all the current active homes to sell if no other home came on the market for sale. A truly healthy market would be in the 5-6 month supply of homes.
There are numerous reasons for inventory's current state, from new construction challenges to a continued problem of negative equity (homes being worth less than what is owed on them), and more than likely it will take months before we see any relief from the lack of inventory issue we face. (What this does say is that now is a great time to sell. Less homes on the market mean more competition from Buyers).
Secondly, there was a 11% decline in the amount of homes sold from September to October, this significant drop from 4,413 to 3,926 is telling. The real estate market is slowing down. A Shift is coming and all of us need to be aware of this. Although sales were still up from Oct. 2014, it was only a slight 0.5 percent increase. While these stats are not necessarily bad news for Atlanta's market rather, they indicate that fundamentals are balanced enough that the market is experiencing a natural, one that will more than likely reverse when the market picks up in early 2016.
Lastly, over 70% of all home sales in the metro Atlanta market came from the area's four most populous counties of Cobb (701 sales), DeKalb (522 sales), Fulton (718 sales) and Gwinnett (838 sales). At $193,000, Gwinnett counties median sales price was the lowest, followed by DeKalb's $212,000 and Cobb's $225,000; at $335,000, Fulton was on top, which is not surprising given the county's prominence in the city of Atlanta.
For more information on the real estate market in and around Atlanta, please reach out to us at 678-775-2787 or click on this LINK