Inventory key as markets return to seasonal norms. Atlanta remains a seller’s market with a two-month supply of available houses. Interest rates are inching up, price appreciation has settled down a bit and overall the market is returning to more normal seasonal changes.
Traditionally, house prices peak in June, with August marking a slowdown with summer vacations and school calendars picking up. After Labor Day, things traditionally start moving again. That is what Dorsey Alston, Realtors is seeing.
Managing Broker Carson Matthews examines the key numbers in Buckhead, Intown Atlanta, East Cobb, Sandy Springs, Brookhaven/Dunwoody and North Fulton each month. Here’s where we were in August.
East Cobb had the largest increase in average sales price compared to August 2021. Last month, it was $578,883, while a year ago, it was $472,749, a 22% jump. The number of sales in the area was down 37%, looking at the same period, and the average number of days on the market increased slightly to 18.
Similarly, North Fulton is outpacing the other markets tracked with a 20% increase in average sales price last month to $748,885. It was $625,174 in August 2021. The average number of days on the market before a house went under contract climbed to 17, while sales fell 41%. The average sales price of a detached home was $827,367 last month, up 19% compared to the same period the previous year.
The combined Brookhaven/Dunwoody markets saw a 16% jump in the average sales price from $561,629 in August 2021 to $653,268 last month. The number climbs to $757,891 for a detached home. Unlike East Cobb and North Fulton, though, it took houses just 15 days on average to go under contract.
With an average closed sales price of $656,896, the Sandy Springs market is 11% above where it was in 2021. Houses took less time to go under contract — 15 days on average compared to 20 in August 2021. The average price for a detached home in the market was $1,079,119.
The Intown market had a 10% increase in average closed sales price last month, from $518,879 a year ago to $570,073 last month. The number of sales fell 30%, and the average number of days was unchanged at 23.
Buckhead’s average closed home price is up to $733,145 from $700,563 in August 2021. The number is up substantially when townhomes and condominiums are removed to $1,281,535, an 8% increase over last year. The average number of days on the market fell over the same period to 24 days, and the number of sales was down 34%.
In terms of the increases in average sales prices and days on the market, the six markets Dorsey Alston tracks are similar to the 11-county metro area, as is the decline in the number of sales.
However, the number of active listings fell 8% compared to an increase of 24% in the metro area, and new listings fell 21% compared to a 9% decline across metro Atlanta.
New listings and inventory were down last month in most cases, which is reflected in the number of sales.
Buyers are moving on what is available, and there is little room for change unless more listings come to the market.
Click through the following slides to see a visual by market report.
