Atlanta real estate market what’s next?
Atlanta residential real estate enjoyed all-time highs in both number of sales and average sales price in 2015. The number of single family detached and condo home sales in the primary five county Atlanta metropolitan area (Cobb, DeKalb, Forsyth, Fulton and Gwinnett) rose 11.8% in 2015 from 2014 (53,801 to 48,104). The average sales price increased 6.2% to $284,644 compared to $267,952 in 2014. Both figures represent all-time highs for Atlanta, but will the good times continue in 2016?
The answer is heavily dependent on replenishment of the housing supply, which dropped to a two-year, near all-time low last month. The months’ supply of inventory was a mere 2.9 months in January, meaning it would take just three months to sell all the homes currently on the market in Atlanta. The National Association of Realtors says a healthy market where supply and demand are in balance is a six months’ supply. Meanwhile, buyer demand is surging according to Dac Carver, Vice President and Managing Broker for Beacham & Company. “We had more traffi c on our website last year than any year in our history and traffic is already up 53% in 2016,” Carver said. “The selling season started two weeks earlier than it did last year or most years. Multiple offers are common again, as they were last winter. The market needs new inventory.” The outlook for the house market in 2016 is looking strong and a slow down is nowhere in sight. What do you think is in store for the Atlanta real estate market this year?