The mid-year data compiled by Dorsey Alston Realtors shows a glass-more-than-half-full snapshot of the metro Atlanta housing market.
There is good news, and there is not as good news.
COVID-19 has affected the market in terms of the numbers of listings and the number of sales. However, when Georgia opened up following the stay at home directive, buyers and sellers alike hit the market. While delayed, there was a surge of new listings, just not enough to meet the demand.
The upshot is even as the number of actual sales declined across metro Atlanta, prices remained stable. Some markets, like Intown and East Cobb, experienced average price increases.
Available months of inventory was down 18% compared to the same period last year. Home sales this quarter mirrored that decline, falling 20.6%.
Meanwhile, low-interest rates continue to make this an opportune time buy. The low inventory levels bring higher prices and less time on market for sellers.
Despite the upheaval, it continues to be a sellers market, and with interest rates at historic lows nudging buyers into the market, we look for that trend to continue into the fall.
Number of Home Sales – Down 20.6%
2.9 Months of Available Listings
Average Sales Price – $349,185.00 – Up 2%
Average Days to Sell – 40 Days