Across North Fulton, East Cobb, Buckhead, Intown Atlanta, Sandy Springs and the combined Brookhaven and Dunwoody markets, 1,000 houses changed hands last month for an average sales price of $705,450 — a 17% price increase over last October.
Dorsey Alston reviews FMLS data monthly to understand what is happening in the market. We are seeing a slowdown in sales and new listings, which is seasonal. The market is also being impacted by rising interest rates and an overall lack of inventory — but well-priced houses are still selling and getting multiple offers.
New listings fell by an average of 21% compared to October 2021, and the average number of sales dropped 41% while total available listings for sale were up 9%.
Sandy Springs saw the most significant jump in average sales price, up 29% to $804,581. The number leaps to a 31% increase when detached homes are extrapolated to $1,233,534.
The 136 new listings were a 29% drop, while overall active listings were up 5% to 280 homes. The 104 sales, however, represent a drop of 41% compared with the 176 in October 2021. The number of days on the market ticked up slightly.
A 19% increase last month resulted in a $589,639 average sales price in East Cobb compared to October 2021. The number of new listings fell 21%, while 190 homes sold. The number of days on the market climbed to 26 from 18. Total active listings were up 26%.
In the combined Brookhaven and Dunwoody markets, the average sales price climbed to $669,514, a 16% increase. Two hundred and seventy-six homes were on the market at one time or another last month, resulting in 109 sales, a 38% decline.
North Fulton, Buckhead and Intown Atlanta all experienced a 12% increase in average sales price. The number of sales was down more than 40% across those markets.
The average sales price for a detached single-family home in Buckhead was $1,262,816, up 16%. The number of new listings fell 17% in North Fulton, 14% in Buckhead and 26% in the Intown markets.
In the 11-county MSA, 14,202 total listings resulted in 4,220 sales with an average price of $478,950, a 10% increase over last year. In October 2021, 10,005 listings led to 6,791 sales, with an average price of $435,709.
Historically with families back in school and the collective attention beginning to turn to the holidays, October is not the strongest month for home sales. People continue to move this time of year, but with inventory down, there aren’t a lot of places for sellers to move.
As inventory ticks up and interest rates hopefully come down, we expect to see home buyers coming off of the sidelines.
Either way, the mantra that “good homes sell” stands. When a house is well priced, a buyer will find it.
