Across metro Atlanta, fewer houses hit the market last month, and the number of sales was down compared to February of last year, while the average sales prices jumped by more than 17%. Another picture emerges when comparing January 2022 to February 2022, reflecting the coming Spring Sales Season. There were more homes on the market than the previous month, leading to more sales but a slight increase in average sales price, which was $445,451 across the 11-county metro area, compared to $439,405 in January.
Dorsey Alston’s Managing Broker Carson Matthews took an in-depth dive into six Atlanta area markets, including Buckhead, Intown Atlanta, East Cobb, Sandy Springs, Brookhaven/Dunwoody and North Fulton.
Total active listings in Buckhead were down 58% compared to the previous year, with a resulting drop in the number of sales. The average sales price last month was $674,972. In January 2022, it was $743,131.
The number of new listings fell 22% year to year but climbed compared to January, with the number of sales increasing. The average number of days on the market held steady at 48.
East Cobb experienced a nearly 23% decline in new listings, from 353 in February 2021 to 273 last month. The average sales price was $513,677 last month, with 233 homes sold.
Looking at January 2022, the number of new listings was up, as was the number of sales, from 167 to 233. The average number of days on the market was 20 last month.
The average sales price Intown climbed to $557,416 and the number of sales was up compared to a year ago last month. Total active listings fell nearly 50%.
Month to month, however, the market experienced a significant upswing in the number of sales, from 205 in January to 323 in February. The number of new listings increased from 354 to 371. Houses sat on the market for an average of 29 days last month.
The average sales price in North Fulton continued to climb compared to both last year and last month. It was $652,042, a 16% jump from February 2021. The number of sales was down over the same period, but the number of sales increased to 259 from January’s 206. The average number of days on the market fell to 20.
In Sandy Springs, the average sales price held steady at $608,431. The average number of days on the market fell to 23, and the number of new listings was 130, down 38% compared to February 2021 and down from January 2022. However, the number of sales climbed to 118 from 109 the previous month.
The Brookhaven/Dunwoody combined markets had an average sales price of $604,060, more than 21% higher than February 2021. The average number of days on the market was 25, and there were 123 sales last month and 139 new listings. The average sales price in January this year was $592,194.
As metro Atlanta springs forward and interest rates climb, the market could even out a little. However, with inventory down and the number of sales climbing, it remains a strong market for individuals to sell their homes.
Dorsey Alston encourages potential sellers to call us at 404.352.2010 to speak to our agents, who know these neighborhoods backward and forward.