ARA: Monthly market brief shows improvements in inventory

by Claire Smith

 

Atlanta REALTORS® released its February 2017 Market Brief last week, looking directly at stats for single-family homes in 11 Metro Atlanta counties. Despite a decline in home sales since February 2016, median and average sales prices have risen along with supply. Cobb, Dekalb, Fulton and Gwinnett Counties all saw an increase in sales.

 

The nitty gritty

Annually, sales fell from 3,463 units in February 2016 to 3,165 this year, marking an 8.6 percent decrease.  However, Atlanta’s housing inventory totaled 14,819 units this month, a 13.6 percent increase from February 2016. The metro area also saw more sales in February 2017 than in January 2017, hinting at a trend for positive gains in 2017.

“Steady positive growth has been the trend for Metro Atlanta in recent years although low inventory continues to be an issue into 2017. For the past two years, inventory has been hovering at just over three months of supply with February reflecting 3.1 months’ supply. Median and average home prices are reflecting that pressure and continue to rise over last year’s median and average prices, although at a healthy, steady pace.  The real estate market is well positioned for the latest rise in interest rates, and it should remain strong well into 2017,” said Atlanta REALTORS® President, Bill Rawlings, in a statement accompanying the report.

 

Atlanta home sales at the county level

In addition to annual and monthly comparisons, ARA also spotlighted the housing markets of Metro Atlanta’s largest counties. Dekalb, Fulton and Gwinnett all saw average sales prices fall month-over-month, while Cobb saw an increase of $13,000. Cobb did see a decrease in its median sales price, whereas Dekalb, Fulton and Gwinnett all saw an increases in their median sales prices, ranging from two to five thousand dollars.

We have organized those numbers in our chart below:

 County Total Units Sold Median Sales Price Average Sales Price
Cobb 545 $243,000 $295,000
Dekalb 442 $220,000 $279,000
Fulton 602 $280,000 $368,000
Gwinnett 656 $222,000 $251,000

 

Photo by AreJay at English Wikipedia [CC BY 2.0], via Wikimedia Commons