Based strictly on the month-to-month numbers, key Atlanta submarkets from North Fulton to Virginia Highland are starting to apply the brakes early.
Whether it’s a blip or a trend remains to be seen.
Buckhead, East Cobb, North Fulton and the Intown market experienced a slight drop in the number of new listings from March, down 27% compared to the same period last year.
The inventory — the number of homes available across metro Atlanta — is headed in the wrong direction. At the same time, the number of sales also shifted into reverse after picking up steam through the first quarter.
The good news for sellers is average closed prices are still climbing, albeit at a slower pace.
Each month, Dorsey Alston’s Managing Broker Carson Matthews takes a deep dive into six close-in markets, including Buckhead, Intown Atlanta, East Cobb, Sandy Springs, Brookhaven/Dunwoody and North Fulton. Here is what April’s numbers look like across those markets.
The Brookhaven/Dunwoody combined markets saw the most significant jump in average closed sales price for single-family homes, a 24% increase over April 2021. The average price was $689,402. That is also significantly higher than the average from the first quarter, which was $607,384. The number of sales fell from 257 in April 2021 to 149 last month, which is also down from the previous month. The average number of days a listed home sat on the market was an anemic 15.
The Intown market saw the second largest jump in average sales price, from $509,976 in April 2021 to $631,717 last month. That number represents a slight uptick over the average from the first three months of 2022 as well. The 439 new listings were down 48% from the previous year and down from March’s 450.
The $757,875 average sales price in North Fulton represents a high water mark, an 11% increase over the average from the first quarter of 2022 and a 20% increase over April 2021. Similar to the combined Brookhaven/Dunwoody market, homes sat on the market for an average of 11 days. The 507 active listings were down 22% from last April and down slightly from the previous month.
In April, the average sales price in Buckhead was $839,602, compared to an average of $723,738 in the first quarter. It is a 17% increase over April 2021. There were 310 new listings last month, down 38% from April 2021, and there were 278 sales compared to 320 in March 2022.
East Cobb saw a decent rise in average sold price in April 2022 compared to the first quarter. April’s number came in at $588,012, compared to the first-quarter average of $505,316. It was also a 16% jump compared to the previous year. The 373 new listings were down 24% compared to last year, and the 261 sales represent a decline of 35%. The average number of days on the market was 16.
The $660,095 average sales price in Sandy Springs was 8% higher than April 2021 and just a tad higher than the average from the first quarter. The market had 196 new listings, and the average number of days on the market was 21. There were 134 sales last month, a drop of nearly 30% over the previous year.
Traditionally, inventory and sales trend every year towards a peak in June/July. This year, though, the lagging inventory is slowing the sales pace early.
The market needs more homes to sell. That is the bottom line.