February home sales outpace January, but low inventory lingers

by Sergio Valdes

Home sales in Atlanta last month grew steadily from January, increasing 7.4 percent, but low home supply remains an issue in the market, according to the February 2018 Market Brief from the Atlanta Realtors Association. In February, 3,384 homes were sold, down 3.8 percent from 3,517 in February 2017.

The average and median sales prices also increased both month over month and year over year. The median sales price in February 2018 was $250,000, up 10.1 percent from $227,000 in February 2017 and 2.5 percent from $244,000 in January 2018. The average sales price was $306,000, an increase of 10.1 percent from $278,000 in February 2017 and 2.7 percent from $298,000 in January 2018.

Atlanta-area housing inventory, which totaled 11,066 units in February 2018, continued to lag, decreasing of 25.3 percent from February 2017. New listings last month totaled 3,962, down 1.5 percent from February 2017 and up 10.6 percent from January 2018.

“Steady positive growth has been the trend for Metro Atlanta although low inventory continues to be an issue into 2018,” said ARA President Bill Murray. “However, new listings generally aren’t keeping up with what is sold very quickly, moving the year-over-year prices up in face of this tightening housing supply of just 2.2 months of inventory.”