As we enter the Spring selling season, characterized by an increasing number of homes available for sale and a decreasing number of closings compared to the previous year, we observe several notable trends.
The days on market increased by 7% compared to last year and showings per listing have also decreased significantly, down nearly fourfold compared to just a few years ago. This data point further reinforces the notion of reduced buyer activity.
Active Listings: Increased by 40%
Closed Sales: Decreased by 28%
Days on Market: Increased by 17%
Median Sales Price: Increased by 4%
In terms of price range trends, the $1 million+ category exhibits the highest months of supply and the lowest sold price to list price ratio at 96%. However, we consistently observe strength in luxury homes located in high-demand areas and in top-notch showing condition.
Best Category for Price Appreciation: $499,000 and below
Best Category for Homes Selling: $500,000 to $999,000
Best (Lowest) Category for Months of Supply: $500,000 to $999,000
For sellers who have listed their properties and are currently on the market, it is crucial to reassess expectations regarding time on market, pricing strategies, marketing tactics, and presentation. For instance, in the 30022 area, there are 243 homes for sale, approximately one-third of which have undergone price reductions.
Across Alpharetta, Johns Creek, Milton, Roswell, and surrounding communities, we observe that well-maintained, properly prepared, and competitively priced homes continue to sell successfully and, in some instances, swiftly. Conversely, homes with deferred maintenance or pricing based on last year’s valuations face challenges in attracting buyers and often necessitate price reductions.