North Atlanta June Housing Trends
The June 2022 housing data has come in for the North Atlanta markets of Alpharetta, Johns Creek, and Roswell and we’ve highlighted some important information you should know below.
As we determined in our June update, the market is softening in North Atlanta. While our listings are still selling quickly and for high prices, we noted that roughly 1 out of every 3 listings in the overall market are having to do price drops. If our housing market continues to soften, we believe pricing will start to moderate and the amount of time it takes to sell a home will start to increase.
Key indicators that suggest the market is slowing down include showings per listing in June have decreased 20-34% in the Alpharetta, Johns Creek, and Roswell markets and the number of closings were down 33-54%, both compared to June 2021. We also note that the number of new listings are down slightly, which is helping maintain pricing and balance supply and demand.
On the other hand, the average sales price had a 14-22% increase, but this is mostly likely homes that were placed under contract in May.
Our buyers are having a much better chance of getting their offers, requests of due diligence periods and finance and appraisal contingencies accepted. Sellers are now having to face a slower market, which in turn allows buyers to be a bit more selective, so homes that are not properly prepared or professionally listed are seeing a hit on valuation and the amount of time it takes to sell.
The best analogy we can provide right now is that our local real estate market has been going up the steep roller coaster lift and we have hit the top but can not see exactly what is over the peak. Is it a steep drop off, a flat stretch up a head or a small dip before climbing higher? Some of the key metrics suggest that we are heading on down and others are showing just a slow down.
For those who plan on selling in the next couple of years, we have been, and continue to be, in a very favorable period. We’ve seen a significant amount of clients wanting to downsize so they can retire on the coast, or even out west, and a fair amount of relocation needs due to new jobs.
Buyers continue to flock to our community and we notice a migration from California, New York, the northeast as a whole, and even Atlanta. The cost of housing and what our community has to offer is still an amazing value proposition.
If you have any questions or are looking to make a move, give us a call! We have helped over 400 homeowners, and counting, simplify their next move with our team of experts and are happy to provide you with references and data. We look forward to hearing from you!