According to a recent report from the Atlanta Realtors Association, the number of houses for sale in metro Atlanta fell to 15,994 units in August, a drop of 4.9 percent from the same time last year.
There were 5,180 residential sales in August, a drop of 5.5 percent from August 2015. Additionally, there were 4,883 new listings, up 2.2 percent over last year, yet down 6.1 percent from the previous month. The supply for sales over a 12 month period decreased to 3.5 months.
What does this mean for the average home buyer or seller?
Patrick Wood, our Vice President and Broker, shared his thoughts on the market with the Atlanta Business Chronicle.
"We are in a healthy, steady market where appreciation is more in line with where it should be. It is a 'true' market which is encouraging for the overall health of Atlanta real estate.”
He told reporter Phil Hudson the wild market of previous years, where values were rising quickly, is over.
Other details from the Business Chronicle article:
Average and median sales prices continue to gain traction and outpace last year’s numbers. The median sales price in July was $250,000, up 6.4 percent from last July. The average sales price was $307,000, an increase of 3.4 percent over the previous year.
Builders started construction on 5,977 new homes -- up 21 percent from the first quarter. Atlanta’s single-family annual starts totaled 20,449 units over the 12 months ending in the second quarter of 2016, up 13 percent year-over-year, and is at its highest construction starts level since 2008.