This Week in Atlanta Real Estate: Inventory increases, corporate relocations and more

by Zachary Wright

Home buyers may find their options are a bit slim this winter, but compared to last year, housing supply is noticeably more plentiful. Last month, total housing inventory increased 10 percent compared to the previous November.

Atlanta area housing inventory totaled 14,455 units last month. New listings in November jumped to 4,066 — 16 percent higher than November of last year, but down 20 percent the previous month.

Gwinnett County saw the most units sold over the month with 817. The average sales price there was $281,000, a bit cheaper compared to its Fulton and DeKalb County neighbors.

Sales overall were down 9 percent compared to the previous November. From a pricing standpoint, however, the median price this year outgrew last year’s figures by 7.3 percent, topping out last month at $263,000. The average sales price was $328,000, up 8.6 percent from the previous year.

In other news:

  • Railroad company Norfolk Southern finally unveiled its plans for their new Midtown headquarters. A key step in the process was the company’s sale of 16.3 acres of property to CIM Group, a L.A.-based development firm, which has been met with controversy. For their new space, Cousins Properties met with the Midtown Development Review Committee on Tuesday to discuss the $575 million project at the site of Ponce and 3rd. The developers plan to build a 22-story glass office tower. Employee amenities will include a 141,000 square foot tech center and a daycare facility, as well as seven stories of parking space.
  • South Fulton residents may soon be able to enjoy sports year-round. Leigh Gayden, CEO of Gayden Companies, launched a crowdfunding campaign to raise $600,000 for the South Fulton Sports Center, to include 28,000 square feet of athletic space. This includes four hardwood basketball and volleyball courts, a concession area and 2,000 square feet of office space. The athletics center would accommodate all residents, but focus on the 12 to 24 age demographic. To help fund the project, Gayden personally contributed $2.12 million in property and capital.
  • Pope & Land Enterprises is partnering with fiber optics company FiberLight to kickstart a mixed-use development in North Fulton County. Pope & Land secured a pre-lease with the network developer for 16,000 square feet at 3000 Summit Place — a planned 30,000 square-foot office building at Northwinds Summit. In the partnership, FiberLight will install fiber cables that will allow tenants to access 100-gigabit-speed internet.