September data is in and trends show the Metro Atlanta housing market continues to cool down. Here’s a breakdown of the essential numbers:

Month-Over-Month Trends

• Active Listings: Up by 2%. This marks an increase in available properties, providing more options for buyers.
• Pending Sales: Down by 16%. The decrease in pending listings indicates a slowing pace in transactions.
• Median Sold Price vs. Original List Price: down 20 bps to 97.6%
• Closed Sales: Dropped by 15%. The decline in closed sales, coupled with rising inventory, has increased the Months of Supply to 3.5 months.
• Median Sales Price: Flat; the median sales price remained $450,000 in August and September. 

Year-Over-Year Trends

• Active Listings: Up 43% and August was up 62%. A surge in inventory continues and is a material shift from prior longer term trends.
• Pending Sales: Down 3%. This continued decrease suggests a cooling off in buyer activity compared to last year.
• Median Sold Price vs. Original List Price: down 1% to 97.6% and suggests that buyers are able to negotiate price.
• Closed Sales: Down by 5%. Fewer sales have added to the increase in supply.
• Median Sales Price: Up 5%, while weaker activity, pricing continues to increase.
  
  

Sellers: 

These current numbers show us that sellers will need to be more strategic with property condition and pricing to attract buyers. We are seeing a continued trend of more price reductions and listings failing to sell, but homes in top school districts and those properly priced and prepared are still in high demand.

Buyers:

Buyers now have more choices and negotiating power than in recent years. This shift has us seeing some contingent offers again and an environment wherein buyers are seldom having to deal with multiple offer situations.

Contact us by CLICKING HERE if you’re looking to make a move and let our experienced team deliver the results and service you deserve! 

Source:FMLS, single family, Greater Atlanta Area