According to the Atlanta Board of Realtors citing data from the First Multiple Listing Service, average and median sales prices continue to rise and zoom past 2014’s figures, with positive gains. The median sales price in November was $224,000, an increase of 9.3 percent from last November. The average sales price was $283,000, up 7.2 percent from the previous year.
However, demand in November dropped 0.1 percent to 3,056 sales.
November’s housing inventory in the Atlanta area dropped 1.7 percent from November 2014 to 15,220 units. There were 3,472 new listings in November, down 0.8 percent from November 2014 and down 23.3 percent from October. Additionally, the supply for sales over a 12 month period declined slightly, at 3.6 percent.
“School, weather and the holidays all have an impact on the total number of sales and inventory going into the winter season,” Atlanta Board of Realtors President Ennis Antoine said in a statement. “What we are experiencing is a historically normal housing market in the fall. Average and median sales prices remain firm, continuing to increase in comparison to 2014 and also up from the previous month. As prices continue to rise, it will encourage more sellers to enter the market. Atlanta has been named one of the top 10 markets to watch going into 2016 by NAR and my prediction is that by February, we will begin to see activity pick back up in overall sales and inventory listings.”