As the annual spring homebuying season gets underway, the Atlanta market is beginning to heat up. According to Atlanta Realtors’ March report, home sales are up 30 percent to 4,838 from February, when 3,702 homes were sold. However, sales continue to be stifled by low inventory and, on a year-over-year basis, are down more than 10 percent.
Inventory is down more than 26 percent to 11,639 available units. New listings were down 13.4 percent compared to last year, but are up 23.6 percent from February, indicating the ramp up of the construction season. However, the month’s supply over a 12-month period is now at 2.4 months, which is up from both January and February.
Home prices are the one continual positive on both a monthly and annual basis as the median sales price grew by 7.6 percent annual to $268,000, and the average sales price grew 7.9 percent year over year to $326,000.
“There’s no question that a majority of Atlanta homeowners have amassed considerable equity gains since the downturn,” said ARA President Bill Murray. “The expanding economy and job market are generating a healthy local demand, but the challenge of low inventory is having a short term effect on home values and this could have a significant impact on our market.”