Last month, a dip in mortgage rates resulted in a spike in sales, but we believe the market is settling back into a rhythm. Dorsey Alston expects more houses to hit the market as sellers get ahead of the Spring season.
It traditionally hits its stride in early April, when families learn what schools their children will attend in the fall. Atlanta is setting up for a conventional spring following three years of market frenzy.
Here is what the data tells us about the first month of 2023 in the six close-in markets we track.
In January, the average sales price for a North Fulton home was $667,628, up from $627,436 a year prior. A detached home averaged $781,472 compared to $718,272 over the same period. There were 243 new listings last month, down from 300 in January 2022, and total active listings rose to 486, a 39% increase.
The average days for a home in East Cobb to sell nearly doubled last month, from 23 to 45. The average sales price was flat at $474,460 and slightly down for a detached home, from $518,970 to $504,771. There were 196 new listings and 368 total active listings, up from 257 in January 2022.
Buckhead continues to outpace the metro area, with an average sales price of $819,852, up from $733,822 a year ago. The average sold price for a detached home was $1,392,661, up from $1,098,097. However, there were 91 sales compared to 200 a year ago. Total active listings climbed to 524 from 422.
The average sales price for a home in Atlanta’s intown neighborhoods barely moved over the year before and now stands at $554,376, $750,800 for a detached single-family home. There were 136 sales, compared to 223 a year ago, while the number of total active listings was up 18%.
Sandy Springs experienced a 10% jump in the average sales price to $647,954. The average sales price for a detached home climbed to $1,050,981. The 57 sales in January were a 52% drop from the previous year and the average number of days a home was on the market climbed to 45.
In the combined Brookhaven and Dunwoody markets, the average sales price was $566,808, and $660,593 for a detached home. The number of new listings was down to 127 from 159, but the total active listings was up to 210 from 168. It took homes an average of 38 days to sell.
Across the board we are seeing fewer new listings hitting the market. Combine that with less sales and homes taking longer to sell, and you have increased inventory in every market. November through February is traditionally the slowest 4 month period for home sale closings in Atlanta, so we expect to see increased activity in February resulting in more closings in March. If Atlanta’s weather is any indication, the Spring market is coming soon!
Now is a great time to talk to a Dorsey Alston agent about selling your home and how to get it ready for the Spring season.
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