Atlanta home supply drops 10 percent, indicating rising prices in winter months

by Rincey Abraham

Source: Atlanta Realtors Association

Although Atlanta home sales are heading into the fall slowdown, October sales are still up compared to this time last year, according to the Atlanta Realtors Association.

October 2017 residential sales were at 4,387, which is a 1.2 percent increase the 4,335 sold in the same month last year and a 8.3 percent decrease from 4,786 in September 2017.

Home prices continue to rise on both a month-over-month and year-over-year basis. The median sales price in October was $243,000, a 5.7 percent increase from $230,000 last year and a 0.4 percent increase from September. The average sales price was $305.000, up 7.4 percent from last year and 1.7 percent from September.

Supply continues to tighten across the city, with the housing inventory dropping 10.4 percent from last year to 14,200 units in October. New listings also were down 4.3 percent to 4,402 and the supply over a 12-month period dropped to 2.9 months from 3.1 months in September.

“Sales continue to be strong, and prices are staying comparable to the past few months. However, prices are up over last year and our supply of homes is getting tighter,” said ARA President Bill Rawlings. “Active listings are down 10 percent in the Atlanta market from this time last year, which may point prices higher during the upcoming slower winter months.”

Gwinnett County saw the most sales, 927, followed by Fulton County, where 830 units sold. Fulton County had the highest median and average sales price of $324,000 and $427,000, respectively.

Largest Metro Counties October Sales Comparison

Total Units Sold Median Sales Price Average Sales Price
Cobb 738 $265,000 $308,000
DeKalb 593 $235,000 $295,000
Fulton 830 $324,000 $427,000
Gwinnett 927 $228,000 $257,000