Dorsey Alston is back with our monthly housing numbers. We take an in-depth, month-to-month look at the numbers in the six close-in Atlanta statistical areas of North Fulton, East Cobb, Buckhead, Intown, Sandy Springs and Brookhaven/Dunwoody.
We are seeing — and the market is experiencing — a decline in new listings but a substantial jump in sales year to date.
Comparing October 2021 to October 2020 new listings are down 27% and average sales prices are up 15%, increasing in all six metro areas. As we have seen in the past several months, the average number of days on the market has shrunk considerably, by 50% in some areas. The average number of days on the market when looking at year-to-date is down 37%.
Let’s dive into the respective markets.
Intown Atlanta — Ansley Park, Morningside, Virginia Highland, Inman Park and Grant Park — had the biggest gain in average sales price, a 30% jump from $542,960 in October 2020 to $708,264 last month. The number of new listings, which were down 35%, is likely driving the price increases in the Intown communities.
Prices are up nearly 23% on average in North Fulton — Roswell, Alpharetta, Milton. Similar to Intown, the number of new listings is down 22%. The average number of days on the market has fallen 47% when comparing October to the same time the previous year.
The trend is also reflected in Sandy Springs, where the average sales price of $631,229 is up from $552,036 in October 2020. The number of new listings is down 24% and the average number of days on the market has fallen 54%.
East Cobb experienced an 11% increase in average sales price comparing October 2021 to October 2020, while the number of new listings was down 18%. The number of sales dropped 20%, while the average number of days on the market fell 41%.
The average closed Buckhead sales price was $697,239 in October, compared to $644,354 last year, an 8% increase. The number of sales fell nearly 20%, and the number of new listings was down 32%.
The Brookhaven/Dunwoody markets experienced a 7.5% jump in the average closed sales price, from $527,780 to $566,858, and the number of new listings fell 31% and the average number of days on the market declined 34%.
The big picture is new listings, the number of sales and the number of days on the market are all down, while prices continue their upward trajectory in response.
The market continues its strong showing, even when compared to a bumpy but resilient October 2020. When you look at all of these markets year to date they are cumulatively accounting for 20% more sales with 5% less new listings coming to the market.
Buyers demand is strong as they continue to take advantage of low interest rates, but competing over a shrinking number of available homes.
This bodes well for those considering selling their home.