Across the 11-county metro Atlanta area, the number of active listings for sale climbed 15% last month over June 2021. However, in the five close-in markets Dorsey Alston, Realtors tracks, active listings were down 14% over the same period. So what gives?
It’s a familiar refrain with a slight wrinkle. There are not enough houses for sale to meet the demand, but the trend thaws the further out one looks. In fact, looking at the same 11-county areas, total active listings leapt by 2,500 from May to June. Month to month, total listings were also up in the close-in markets, but at a lower percentage.
Price makes a difference as well. For the intown and northern neighborhoods, houses netted a little more than $730,000 on average. The average sales price for the metro area was $522,611.
Each month, Dorsey Alston’s Managing Broker Carson Matthews looks at the market trends in Buckhead, Intown Atlanta, East Cobb, Sandy Springs, Brookhaven/Dunwoody and North Fulton. Here are the numbers from June.
Sandy Springs experienced the highest jump in average sales price, which led the markets Dorsey Alston tracked. The average sales price of $859,902 was up nearly 40% from a year ago and higher than May’s $770,280. The northern suburb had 261 active listings last month and 223 new listings, down 14% compared to the previous year. Houses were on the market an average of 11 days, down from 21 last month.
The average sales price in Buckhead reached $840,310, down from May’s $958,338 but up 10% compared to June 2021. There were 504 active listings and 361 new listings, a 19% drop from the same time last year. The number of sales was down 41% compared to 2021, but nearly the same as the previous month.
Sold houses averaged $814,953 last month in North Fulton, a 24% jump from June 2021. In May, the average sales price was $735,386. The market had 659 new listings and 400 sales last month. The average number of days on the market fell to 10.
The average sales price was up 18% in the combined Brookhaven/Dunwoody markets to $673,261. The average number of days on the market was 12. The total number of active listings was 271, down 22% from last year.
Intown neighborhoods saw an uptick in the total number of listings to 581, with 525 new to the market. The average sales price hit $608,261, up 15% from a year ago. Houses were on the market an average of 15 days, down from 26 last year.
The average sales price reached $589,176 in East Cobb, down slightly from May and up 18% compared to last year. There were 476 new listings and 319 sales. Houses sat on the market for an average of 12 days.
Wrapping up the 2nd Quarter we saw some signs of much needed inventory hitting the market, but not enough to meet the buyer demand. The effects of this are higher sales prices and fewer days on the market. We suspect seasonality is also at play as many people were hitting the road on vacation with school out for summer and travel restrictions lifting around the globe.
