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Home sales soar in Metro Atlanta’s top 4 markets

by Peter Thomas Ricci

cumming-city-hall-georgia-atlanta-housing-market

After a slow October, housing activity roared back to life in November for Metro Atlanta’s top markets, according to the latest report from RE/MAX of Georgia.

In the Atlanta, Cumming, Lawrenceville and Marietta markets, housing improved considerably in three main areas, which we have detailed below.

Home Sales

By year-over-year measurements, homes sales were very strong in Metro Atlanta. According to RE/MAX’s report, sales were up 32 percent from a year ago, and as our chart below shows, sales were up across the area’s top four markets, albeit by less:

Market Nov. 2016 Home Sales Nov. 2015 Home Sales YOY Change
Atlanta 446 437 2.10%
Cumming 207 189 9.52%
Lawrenceville 232 198 17.17%
Marietta 247 214 15.42%

Median Sales Price

One area where Atlanta’s top markets matched or exceeded the region’s averages was in median sales price. For Metro Atlanta, strong demand and low inventory (listings were down 9 percent) boosted sales price by 6 percent, but as our chart below shows, price gains in Marietta and especially Atlanta were stronger:

Market Nov. 2016 Median Sales Price Nov. 2015 Median Sales Price YOY Change
Atlanta $350,500 $300,000 17%
Cumming $306,000 $292,000 5%
Lawrenceville $186,750 $176,500 6%
Marietta $270,500 $251,750 7%

Days on Market

Rising sales and prices are normally accompanied by falling market times, and Metro Atlanta’s November market continued that trend. For the entire area, days on market fell 11 percent, and that decline was outpaced by all the markets RE/MAX spotlighted:

Market Nov. 2016 Days on Market Nov. 2015 Days on Market YOY Change
Atlanta 43 56 -23.21%
Cumming 52 62 -16.13%
Lawrenceville 39 50 -22%
Marietta 42 51 -17.65%

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