Atlanta Realtors has released its latest report on the Metro Atlanta housing market, and with its release, we now have a clear picture of the region’s 2016 housing market.
Below, we have spotlighted four of the most remarkable stats from a most busy year of real estate:
1. The Perspective on Home Sales – From month to month, Metro Atlanta’s home sales bounced up and down the scale. In Dec. 2016, for instance, sales totaled 4,086, a 2.6-percent decline from November and a 6.2 percent decline from a year ago.
Those monthly gyrations, though, obscured what was actually a very positive year for Atlanta housing. According to year-to-date stats from Atlanta Realtors, there were more than 56,000 home sales in all of 2016, a strong 7.91 percent increase over 2015.
2. A Rise in Valuations – One thing that has been perfectly consistent is Metro Atlanta price growth, both on median and average terms. Through December, the median sales price in the region was $239,000, a 6.2 percent increase over Dec. 2015; meanwhile, the average sales price, which closed the year at $300,000, was up 6.0 percent.
3. The Complicated World of Inventory – Housing inventory was a most complicated topic in 2016, and the latest Atlanta Realtors numbers only continue that ambiguity. First, the good news: there were 14,738 active listings in Metro Atlanta in December, which is a 6.49 percent jump from a year ago. The good, though is outweighed by the bad: not only were new listings down 2.8 percent yearly and 23 percent monthly, but despite active listings increasing, the market’s supply still declined to just 3.1-months; for a remarkable 17 months, now, Atlanta’s inventory has been below 4-months.
In his comments accompanying the association’s report, President Bill Rawling’s connected low inventory to other market forces.
“Low inventory continued to be an issue for Metro Atlanta throughout 2016, with inventory still hovering at just over 3 month’s supply,” Rawlings said. “As a result, median home prices continue to rise … While there are still concerns over potential interest rates, we remain bullish about the housing market outlook for 2017.”
4. Positivity at the County Level – Finally, Atlanta Realtors broke down December’s sales at the county level, and it found that among Metro Atlanta’s most populous counties, Cobb was the market leader with a strong 7.42 percent gain over November’s sales; Gwinnett, meanwhile, saw the most overall sales at 898.
Our chart below breaks things down further:
|County||Total Units Sold||Change from November||Median Sales Price||Average Sales Price|