North Atlanta Real Estate Market Trends
March Update
The March results are in for the North Atlanta market, which includes Alpharetta, Johns Creek, and Roswell and so far our real estate market is performing better than most would have projected. We are committed to keeping you informed of the facts and will continue to provide frequent reports as we move forward in a market that has shifted slightly and will likely continue to do so.
As you can see in the above chart, the amount of inventory is lean, which is favorable for Sellers, homes are going under contract 29% faster and the impact on the number of closings in March has been minimal.
We were not surprised to see the number of new listings down 19% in March, as many homeowners decided to take a wait and see approach to their listing plans due to the COVID outbreak.
Below, you can see we updated our weekly tracker chart for the North Atlanta market and we have 2 consecutive down weeks regarding the number of homes going Under Contract and Closings and both key metrics are below the average trend line. Our local market is clearly seeing some impact due to the recent events and activity could lessen even further as we deal with a large part of our economy on hold.
Here are some additional bullet point observations:
* We’re starting to see Zillow cancel contracts and making large price reductions on some of their listings in our local market, suggesting we could potentially see iBuyers like Zillow shut down and liquidate their inventory
* Our new listings have been going Under Contract in just a matter of days and we are actively showing Buyers homes, so it’s business as usual for us, except that we are taking strict precautions and only dealing in-person with essential activity.
* Inventory is currently low which causes price points to stay up and listings to go Under Contract quickly
* The last 2 weeks indicate a softening of our local market
* Listings that are properly prepared are still doing well from a price (valuation) standpoint
Real Estate has been deemed an essential business by the State of Georgia and we are carefully working with our clients during this time. There are a number of precautions we are taking to keep ourselves and our clients safe.
Please give us a call if we can help you in anyway!