December was a fine month to observe just how far Atlanta’s real estate market has traversed.
The median sales price for home sales in the 11-county area in Dec. 2013 was $196,000, a 21.0 percent increase from Dec. 2012 and a whopping 64 percent increase from Dec. 2011, according to the latest market brief from the Atlanta Board of Realtors.
Moreover, single-family home sales in Metro Atlanta totaled 3,394 in December, a 1.9 percent increase from Dec. 2012 and a 9.4 percent increase from Nov. 2013.
Perhaps most encouraging of all, though, was the quality of those single-family home sales. Just 6 percent of all sales were for REO properties, a remarkable decline from the 47 percent market share of just two years ago.
Todd Emerson – “Good Harbinger for the Spring”
Todd Emerson, ABR’s 2014 president, said December’s numbers bode well for the spring homebuying season.
“We believe the increase in prices and sales during the traditionally slow holiday season is a good harbinger for the spring selling season,” Emerson said. “We expect these statistics to begin rising as the warmer weather arrives, but this reversal of the downward trend established over the last several months is a welcome change. With inventory still at historic lows, we expect prices to continue rising with increasing demand.”
For additional perspective on how Atlanta’s market has recovered, take a look at our graphic below, which covers prices: