Market Update Metro Atlanta through September 2018
The entry-level market has strong demand and very low inventory. The luxury market remains a buyer’s market in most areas with buyers negotiating better pricing and terms. Mortgage Rates are rising slowly which is impacting affordability in the entry level market. Metro Atlanta remains very affordable relative to other metro areas. September Pending Contracts were down 13.6% from August and up 7.3% from the prior year. September Closings were down 20.4% from last month and down 8.7% from the prior year. Year-to-Date Pended Sales units were up 1.4% versus the prior year. Year-to-Date Closings were up 1.2% versus the prior year. The Average Sales Price for September was $304,000 – down 2% from last month and up 7.4% from last year. 2018 is on track to be the highest annual ASP on record. Inventory for September was up 1.7% from last month and flat compared to last year.
New Listings in September were up 11% versus last year and up 3% year-to-date. Overall Months of Supply for August was 3.6 months. Six months is considered normal. Luxury properties took longer with homes above $1 million averaging 17 months.
We would be honored to assist you or someone you know with their real estate needs. We are experts in the local market and have access to proprietary information sources that are not available to the public. Better information leads to better decisions!