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Atlanta’s spring homebuying season begins with a thud

by Peter Thomas Ricci

atlanta-piedmont-park-home-sales-abr-inventory

The Metro Atlanta housing market began the spring homebuying season in disappointing fashion, according to new numbers from the Atlanta Board of Realtors (ABR).

In April, the Atlanta area saw 4,238 home sales, a 9.8 percent decline from March and a 7.6 percent decline from April 2015.

Meanwhile, median sales price came out to $243,000 (up 4.3 percent monthly, 8 percent yearly), and average sales price was $309,000 (up 5.8 percent monthly, 8 percent yearly).

Lane McCormack, ABR’s 2016 president, emphasized the sales price increases in her comments.

“We have experienced several consecutive months with positive year-over-year gains in median and average sales prices in Metro Atlanta,” McCormack said. “It is very much a seller’s market and REALTORS® are working daily to identify more sellers to assist in the home selling process.”

Housing Inventory and County-Wide Sales

One possible cause of Atlanta’s lackluster home sales is the area’s housing supply, which remains extremely low.

According to ABR, inventory in April totaled just 14,760 units, or a 3.4-month supply. Although new listings were up 5.3 percent from March to 5,578, overall inventory was still down 0.5 percent from last year.

Additionally, ABR included county-specific home sales stats in its report. Our chart below breaks the numbers down:

County Total Units Sold – April Median Sales Price Average Sales Price
Gwinnett 910 $215,000 $244,000
Cobb 745 $258,000 $312,000
Fulton 742 $375,000 $482,000
DeKalb 610 $270,000 $316,000

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