Metro Atlanta has been a sellers’ market for quite some time, with inventory consistently tightening for more than two years. The average sales price for single family detached homes sold in Cobb, DeKalb, Forsyth, Fulton and Gwinnett counties in July was
$342,756, or an increase of 5% from July 2016—$326,368—while the total number of homes sold was down 5%.
In stark difference, the metro area covered by the Hatch Neighborhood Report, the average sales price through July was $775,565, down 5% from the same time last year—$818,258—and the number of sales through July 2017 remained flat.
Likewise, the months’ supply of inventory in the five-county metro area in July was 3 months. That number didn’t tell the tale of Atlanta’s two markets though. Whereas the months’ supply of homes priced less than $750,000 was 3, the months’ supply of homes priced more than $750,000 was 9 months. A market considered in balance between supply and demand has a six months’ supply of inventory according to the National Association of Realtors.
Areas covered in the report that were the strongest for single family detached home sales through July included the neighborhoods in Sarah Smith Elementary school district (+40%), the Underwood Hills and Berkeley Park neighborhoods—E. Rivers in 30318 (+24%)—Springlake, Wildwood and Ridgewood Heights neighborhoods—Morris Brandon in 30318 (+23%)—and Historic Vinings (+57%).
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The Hatch Neighborhood Report compares sales data year-over-year to measure the health of the housing market of Buckhead and the surrounding areas and to compare their sales activity to the metro area as a whole.