Atlanta’s exceptional home sales numbers prior to widespread stay-at-home orders in March helped protect the city’s market against the post-COVID-19 downturn, according to a report by MarketNsight, which tracks the real estate industry.
The report noted that April’s pending sales remain steady with 2019 data demonstrating the strength of the first quarter.
MarketNsight data shows new pending sales in Atlanta totaling 4,306 from January to April, in comparison to 4,342 new pending sales during the same period in 2019.
“That means new pending sales in Atlanta for January through April 2020 are only down 1% from last year,” MarketNsight Principal John Hunt said in the press release.
He noted that the last week of April, pending home sales were down about 9% from the same period in 2019, while the entire month of April was down about 20% from April 2019.
“If you read this and find yourself in a state of shock, you are not alone,” Hunt said. “Keep in mind that this is data for the entire 26-county Atlanta metro. Every submarket (for example, 305 different high school districts) and price can be experiencing this pandemic differently.
“Also bear in mind that housing and the economy were in an exceptional place when this crisis started. Unlike the 2008 recession where every player was over-leveraged, overpriced and had far too many lots and spec homes, the fundamentals today are sound.”
Part of Atlanta’s real estate success comes from its ability to handle COVID-19 hurdles, according to a recent USA Today article that identified Atlanta as one of five cities that experienced increased listings in the first week of April. The article also noted that home showings are on the upswing and now are only 7% below the first week of 2020.