For the second week of January, the Alpharetta, Johns Creek, Milton, and Roswell housing markets saw mixed results. The chart below is a week-over-week comparison.
The number of homes for sale increased by 0.5% and on average active listings have reduced their original list price by 2.5%. We expect inventory to increase as we move forward this year and an encouraging sign would be if the days on market could improve.
The number of homes under contract + pending increased by around 7%, which is a positive sign that there are active buyers but it’s taking on average 11% longer for listings to go under contract for this group.
Only 6 homes closed this week in our local market and based on the time of the year we would read very little into this. What is worth keeping an eye on is that days on market for homes sold this past week increased 85% and the sold price to the original list price decreased by 300bps. On average, the homes that closed last week averaged 94% of the original list price, which is telling us sellers are having to provide much higher concessions to lowering the list price to get their home sold.
The largest discounter and cash buyer is performing well below the market average with their active listings currently reducing their price to 93% on average. So we encourage anyone looking to sell to make sure you consider comparing a local market expert that has multiple sales in the area. Ask for how many homes have sold in the last 12 months, how many have failed (withdrawn or expired), their average days on market, and other key metrics.
So far for 2023, there have been 41 failed listings in our local market compared to only 24 sold. The latest trends we are seeing is 4 out of 10 homes are failing during their original list period. The financial impact of not properly preparing a home and pricing is not only a financial hit to the seller but frustrating as well.
Click here 👈 to check out the latest listings in Alpharetta, Johns Creek, Milton, and Roswell! See something you like, then contact us and let our team of experts help you find your next dream home!
If you’re looking to sell in today’s market, don’t get fooled into free online tools, investors, selling to a friend to discounters. We know what it takes to get the best possible net price and can help every step of the way.
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