Atlanta housing market thunders ahead

    99216769 (8)While the spring residential buying frenzy may be over, summer is proving to be a good season for Atlanta’s housing market.

    The Atlanta Board of Realtors, citing data from First Multiple Listing Service, reported residential sales hit 5,289 in May — an increase of 3.4 percent from May 2015.

    Atlanta Board of Realtors President Lane McCormack said inventory levels are still low relative to the demand in many markets in the city.

    “May sales results continue to show a healthy increase in both closed units and average sales price,” McCormack said. “Coupled with the April adjusted sales figures now reflecting a sales increase of 6.7 percent over the same time last year, the overall Atlanta market seems to be experiencing healthy growth and absorption of existing inventory.”

    Average and median sales prices continue to shoot past 2015’s numbers.

    The median sales price in May was $250,000, an increase of 4.2 percent from last May. The average sales price was $307,000, up 3.7 percent from the previous year.

    However, supply slipped slightly.

    Atlanta area housing inventory totaled 15,235 units in May, a drop of 1.4 percent from May 2015. New listings totaled 5,428, up 0.4 percent from May 2015 and down 2.7 percent from the April 2016. The supply for sales over a 12 month period increased to 3.4 months, according to the Atlanta Board of Realtors.

    Alpharetta, Ga.-based RE/MAX of Georgia Inc., citing data by Terradatum from the local Metro Atlanta First Multiple Listing Service reported June 6 the median price for all homes sold in May was $234,000, which is 3 percent higher than the median price in April and 2% higher than the median price in May 2015

    Additionally, RE/MAX of Georgia’s Market Trend Report for May showed a 6 percent drop in the number of closed transactions over April and an 8 percent drop over sales in May 2015.

    However, the average days on the market for all homes sold in May was 46, which is 8 days less than the average in April and 9 days less than the average in May 2015.

    The number of months supply of inventory at the end of May was 2.7, which is an 8 percent increase from April and a 10 percent decrease from May 2015.

    Jeanette Schneider, senior vice president, RE/MAX of Georgia, said the lack of inventory of homes available continues to impact the market.

    “While we have a strong seller’s market, some potential sellers are being cautious before putting their house on the market,” she said. “They want to determine where they can move before listing knowing that a well maintained and priced home tends to move quickly.”

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