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ARA: Metro Atlanta housing market continues seasonal slowdown in September

by Peter Thomas Ricci

metro-atlanta-area

As the summer season drew to a close, the Metro Atlanta housing market continued its seasonal, according to a new report from the Atlanta Realtors Association.

In September, there were 4,383 home sales in the 11-county area, a 1.9 percent yearly decline and a 20 percent monthly decline. Similarly, sales prices were down from August; median price fell 4.2 percent to $230,000, while average price fell 4.3 percent to $289,000.

ARA’s report, though, was not universally bad. While sales were down by monthly and yearly measurements, they remain ahead of where they were at this point in 2015 – according to additional stats that ARA provided Atlanta Agent, year-to-date sales are up 6.9 percent.

Furthermore, despite home prices’ monthly declines, both median and average sales price are up from last year, rising 6.0 and 4.3 percent, respectively.

Housing inventory remains low

One thing that did not change in Metro Atlanta’s housing market was inventory, which remains near all-time lows.

ARA reported 16,222 units on the market in September, a 1.8 percent year-over-year decline that brought inventory to a 3.5-months supply. Metro Atlanta’s inventory has been below a 4-months supply for a year, now, and not since 2011 has inventory been at a healthy, sustainable level of between 6- and 7-months.

Slight relief may come from new listings, which were up 3 percent from August, and up 11.1 percent from Sept. 2015 to 5,031.

Atlanta home sales at the county level

ARA also spotlighted the housing markets of Metro Atlanta’s most populous counties, and we have organized those statistics in our chart below.

Note that although all four counties posted double-digit declines, only Fulton’s drop was consistent with the area’s overall decline:

County Total Units Sold Month-to-Month Change in Sales Median Sales Price Average Sales Price
Cobb 756 -14.58% $243,000 $294,000
DeKalb 583 -14.39% $248,000 $308,000
Fulton 720 -20.70% $315,000 $404,000
Gwinnett 969 -16.10% $215,000 $247,000

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