- This video features real estate trends and statistics for Atlanta, GA as of October 2019. Housing data and charts include: average sale price, number of new listings and closed transactions, months supply of inventory, pending sales, days on market, sale price to original list price ratio, mortgage rate trends, homes for sale, median list price, average price per square foot, new homes sold, number of showings until pending, and more.
This housing market update incorporates real estate listing and sales statistics from the First Multiple Listing Service (FMLS) and Corelogic. Data was refreshed and compiled on October 30th, 2019.
I’ve seen recent blog articles and social media posts pushing the narrative that the housing market is starting to collapse again. If that’s the case, here in Atlanta we’ve seen no signs of it. I haven’t been able to find any indication of a collapse, rather, home prices and listing inventory seems to be stabilizing. All the metrics I’ve looked at show the housing market starting to “normalize”, yet prices continue to rise (at a more moderate clip). Personally, I think it’s actually a good thing that the real estate market is slowing down. I’d much rather see growth and price appreciation on a slow and steady climb, instead of the boom and bust cycle.
Video Transcript: Hi, I’m Kyle Eaves with Better Homes And Gardens Real Estate in Atlanta, Georgia. This is your October 2019 real estate update for all of the Metro Area. As always, I’ll start with some key real estate trends that paint a pretty good picture of our current market. I’ll kick things off with the average sale price, which was just over $310K in September… a 5.0% increase from a year ago and up ever so slightly from August. The number of new listings was up again last month, almost reaching 11,000… that’s a 9.5% increase from the year prior. Closed transactions, however, only experienced a half percent improvement year over year. As you can see, we had a pretty strong summer, but things are starting to taper off. The month’s supply of inventory has remained fairly consistent over the past year. At 3.2 months supply in September, we’re still in what would be considered a “seller’s market”. Pending sales have continued to remain high. In September we had over 7,500 properties under contract. This was 15.2% higher than the same time last year when we saw just 6,500 pending sales. However, as you may have noticed in the chart I showed earlier, this has not translated into a significant uptick in closings. The median days on market bumped up to 27, that’s 2 days more than it was in August and 3 days higher than September of last year, so not a huge change. The median sale price to original list price ratio has sort of leveled off since peaking in the summer of 2018. In September, it was down only 0.1% from the year prior, still sitting at 97.7%, which is pretty high. Mortgage rates are starting to climb again, creeping up from the lows saw in early September. However, compared what they were a year ago, rates are still extremely attractive. Ok, I’ve got some additional quick stats for you that include the year over year change noted in green or red. The number of homes for sale last month was 24,777, up 5.8%. The median list price was $279,993, up 3.7% from September 2018. The average price per square foot climbed 4.7% year over year to $135. New home sales were up nearly 2.9% last month compared to the year prior, with just over 1,000 units sold. And finally, the average number of showings until pending increased 6.9% year over year to 12.4. Alright, that’s it for this month’s housing market update, thanks for watching and have a good one.
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