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Atlanta-area residential sales decrease in November

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There was a decrease in residential sales in Atlanta last month from the same time last year, according to the Atlanta Realtors Association’s November 2017 Market Brief on residential housing statics, which covers 11 counties in metropolitan Atlanta. Residential sales totaled 4,023 last month, a 5.7 percent decline from November 2016’s total sales.

Both the average and median sales prices this November exceeded those of 2016. Last month, the average residential sales price was $306,000, an increase of 4.8 percent compared to November 2016, while the median sales price was $248,000, up 6.4 percent from the same time last year.

With 13,116 units on the market in November, the Atlanta housing inventory experienced a decrease of 16.2 percent in November 2017 from the year previous. New listings came to 3,504, a 4.4 percent decline from November 2016 and a 20.4 percent decline from October 2017. The month’s supply over a 12-month period dropped to 2.7 months.

“The Atlanta market had fewer sales than a year ago, largely due to lower levels of inventory for prospective buyers,” said Atlanta Relators President Bill Rawlings. “These inventory levels are also keeping prices higher during these fall and winter months. The seasonal decline in inventory we are seeing will likely continue to add to competitive conditions through the winter.”

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