Greater Atlanta's real estate market is showing signs of rebalancing and not feeling quite as competitive as it did in May of this year. Here's what is happening in the Greater Atlanta area (11 counties) ...
- Homes are sitting on the market a little longer: Average Days on Market in September was 24 versus May at 15 Days.
- Inventory is increasing: Months Supply of Inventory in September has increased to 2.2 versus 1.3 months in May.
- Prices are coming down: The Median Sales Price in September was $400,000 versus May's median of $430,000.
- Sellers are not always getting their full asking price: The Average Percentage of List Price in September was 99% versus May's at 103.4%.
Greater Atlanta is still a Sellers Market and predictions indicate we'll remain there for the foreseeable future. Remember that a balanced market is 4 to 6 months of inventory. With that said, given the current environment, it is very important for Sellers to price their homes correctly.
Buyers in our area have more inventory to consider but are now dealing with increasing mortgage interest rates of over 7%. Lenders are offering strong buy-down programs and adjustable rate mortgages (ARMs). There are creative financing options for you to consider.
The Bottom Line: Strategy and planning are more important than ever if you are thinking about entering Atlanta's real estate market. Sellers, if you would like an accurate estimate of your home's value, I can help. Buyers, I know the market, inventory conditions, and work with lenders that will work for you!
The charts below will give you an idea of the statistics closer to your home.