Lately, we’ve heard pessimistic views from real estate folks that homebuyers’ appetites will run dry in late spring or early summer, a sign that interest rates will rise to fight inflation, and prognosticators see a volatile economy ahead. This is because we foresaw the There are still plenty around Atlanta. for example:
there is 2008 modern residence It went public for $1.5 million last month and is located in the former 4th Ward, which sparked a bidding war, according to the original architect.
Nice across town, 1920s renovation It went public in June at $850,000 and has since increased its asking price by $100,000.
And in Kirkwood, a strikingly modern, $1.15 million House It was just a timber frame on a high corner lot, so we have a deal.
But anecdotes like these could become increasingly anomalous, especially across the subway market, according to a new report from the Georgia MLS.
Metro Atlanta’s July GAMLS housing market snapshot shows the market in the process of “normalizing” after more than two years of historic pandemic-era increases and supply shortages, according to officials with a statewide database. indicates that there is
Since June, home sales, new listings, overall sales volumes, and even median home prices have all fallen. This is traditionally the hottest season for home sales of the year. (Across the metropolises, average July house prices remained at a relatively astronomical $402,500, but have since fallen 2.3%.)
According to GAMLS data, the only metric trending higher month-over-month is active listings, up nearly 16% since June.
This statistic covers the 12 counties that GAMLS considers Metro Atlanta (Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Paulding). , Rockdale County).
According to GAMLS, home sales are down significantly across Georgia and Atlanta, but prices aren’t falling everywhere.
A broader timeline shows that the number of active listings in the Atlanta metropolitan area surged by more than 57% between July 2021 and last month. Monthly sales were down more than 26% of his.
Still, the median selling price was 15% higher than it was mid-summer last year.
Here are some of the more interesting GAMLS findings in graphical form.
What are Atlanta’s people (and agents) seeing outside? Is undersupply in urban areas still the dominant factor?
too early or too much How to declare this a buyer’s market?
• Report: Almost All New Atlanta Apartments Are Considered ‘Luxury’ (Urbanization of Atlanta)