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ABR: Atlanta home sales return to life in May

by Peter Thomas Ricci

atlanta-neighborhood-home-sales-abr

After a disappointing April, the Metro Atlanta housing market bounced back in May, according to new analysis from the Atlanta Board of Realtors.

In the 11-county area, there were 5,289 home sales in May, a 6.9 percent increase from April and a 3.4 percent hike from May 2015. Sales prices posted similarly strong increases – median sales price rose 4.2 percent yearly and monthly to $250,000, while average sales price rose 3.7 percent yearly and 1.3 percent monthly to $307,000.

The Dark Side of the Market

In comments accompanying the report, Lane McCormack, ABR’s 2016 president, emphasized the strength of Atlanta’s marketplace.

“May sales results continue to show a healthy increase in both closed units and average sales price,” McCormack said. “The overall Atlanta market seems to be experiencing healthy growth and absorption of existing inventory.”

McCormack did state that in some Atlanta markets, inventory is still lagging behind demand, and indeed, ABR’s numbers reported yet another month of inventory declines. At the end of May, there were 15,235 active listings, a yearly decline of 1.4 percent; furthermore, new listings totaled 5,428, a 2.7 percent decline from April. Currently, the area’s inventory is only a 3.4-months supply.

Top-Selling Counties in Metro Atlanta

ABR also released specific sales numbers for the four largest counties in Metro Atlanta, which we have detailed below. As always, we will be back later this week with more detailed analyses of Atlanta’s counties, including sales, prices, and inventory.

County Total Home Sales Median Sales Price Average Sales Price
Gwinnett 1,086 $215,000 $247,000
Cobb 973 $257,000 $292,000
Fulton 952 $384,000 $460,000
DeKalb 692 $290,000 $327,000

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