The Atlanta REALTORS® (ARA), the largest association of its kind in Georgia, released its September 2019 Market Brief on residential housing statistics in metro-Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally focused synopsis of monthly sales and home prices for single family residential properties. This summary covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding and Rockdale.
September Comments
Demand: Sales are down 5.3% from last year. Although as with the last two months that reflected decreases at time of reporting, they are now both increases after factoring in the additional sales that trailed. We expect to see a similar leveling once all sales are factored in.
Price: Median price continued to rise and is still up 7.3%, with average sales price up 6.2%.
Supply: Atlanta area housing inventory totaled 14,971 units in September, a decrease of 0.1% from September, 2018. New listings totaled 4,912, up 1.7% from September, 2018 and down 5.0% from the previous month. The month’s supply over a 12-month period increased to 3.1 months.
A Word from 2019 Atlanta REALTORS® President DeAnn Golden: DeAnn Golden, President of Atlanta REALTORS® Association said “The entry-level market ($100K to $500K) remains a seller’s market with many properties selling quickly and some with multiple offers. We need more housing options in this segment to meet the demand. The middle tier market ($500K to $1M) is a more normal market averaging around 6 months of supply. While the Luxury market ($1M+) remains a buyer’s market. Properties over $2M now show 52 months of supply.
In all price points, homes that are updated, upgraded and more ‘like new’ sell faster and for higher values. Homes that need a lot of work are getting lower prices.
Long-term trends for Metro Atlanta are very positive with the trends for people moving to Atlanta, job growth and historically low financing interest rates. The future demand trends will cause home values to continue rising steadily over time. Now is a great time to buy, sell or invest.”
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month’s report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
