The Atlanta REALTORS® (ARA), the largest association of its kind in Georgia, released its September 2016 Market Brief on residential housing statistics in metro-Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally focused synopsis of monthly sales and home prices for single family residential properties. Covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding and Rockdale.
September Comments
Demand: September residential sales were at 4,383, a decrease of 1.9% from the previous year.
Price: Average and median sales prices continue to gain traction and outpace 2015’s figures, with positive gains. The median sales price in September was $230,000, an increase of 6.0% from last September. The average sales price was $289,000, up 4.3% from the previous year.
Supply: Atlanta area housing inventory totaled 16,222 units in September, a decrease of 1.8% from September 2015. New listings totaled 5,031, up 11.1% from September 2015 and up 3.0% from the previous month. The supply for sales over a 12 month period remained at 3.5 months.
A Word from 2016 Atlanta REALTORS® President Lane McCormack: “Inventory remains near an all-time low with an average days on market of residential property at 3.5 months. With sales continuing above 2015 levels and prices up 4.3% year over year, it remains a seller’s market in many locations. As we enter the last quarter, sellers should consult a REALTOR for the opportunity to capture equity in their home! Buyers should understand, with a lack of inventory, the market will remain tight with increasing prices until more inventory is available. There is not a better time than now to consult a REALTOR for your housing needs!”