As the summer comes to a close, the peak selling season is also getting ready to end for Metro Atlanta. “Housing crash” and “inflation” have been two buzzwords in the media, and while they may be used to an extreme on the news, they do relate to the current trends we have seen.
As indicated in the image below, the median sales price in Metro Atlanta, and a number of key North Atlanta communities, continues to increase based on the August 2022 numbers compared to the same period last year. However, we note that the median sales price has dropped 5% from the peak this summer in Metro Atlanta and August is the second month-over-month decline in home sales values.
The other key data point is buyer activity through August 2022. To get a clear picture of what is going on, we will observe the number of homes selling.
In August, the Metro Atlanta market was down over 30% compared to the same period last year and down 50% from the peak of this summer. If you like reviewing trends and charts, then be sure to take a look at the rolling 12-month average for closed sales in Metro Atlanta below.
We wanted to share this chart as it “smooths out” the monthly seasonality jumps and gives us a better idea of the trend. You can see in June that we peaked at around 85,000 homes, on a rolling 12-month basis, and now we are around 75,000 with a clear reversal of what was a 11-year upward trend.
So far, due to the low inventory, we have witnessed sales prices staying strong and the prevention of a material decline in home values for our market. North Atlanta is also currently a top living destination. We know this first-hand as we have been fortunate to work with tons of families who have flown in from all over the country to purchase a home in this robust community that has so much to offer!
We have, and continue to see, other signs of the market softening and recently took over two failed listings. The days of sticking a sign in the yard and expecting a “name your price” offer are gone. Now, more than ever, listings need to be prepared and priced right to avoid sitting on the market for months, and ultimately having to do significant price reductions to sell.
If you have any questions, or are looking to move, please give one of our team members below a call today! We offer decades of local experience and a track record of delivering exceptional results.
Robin Martin, Team Leader, 678-665-0202
Jill Lappe, Lead Agent, 404-271-2177
Laura Flading, Team Agent, 770-877-1567
Kim Maloney, Team Agent, 404-668-5802