ATLANTA, GA - The number of home sales in Atlanta finished down one percent in 2013 from the previous year; just as the average home sales price rose by more than 20 percent for the first time in Atlanta real estate history.
The first two and a half months of 2014 saw the trends of 2013 continue. The number of home sales was down seven percent while the average home sales price was up 14 percent.
The lack of adequate housing inventory for less than $1 million continues to be a challenge as buyers and sellers looking to move up or down play a virtual game of musical chairs. New listings create mad rushes and multiple offer situations. The opposite is also true. Some listings have been on the market for a long time because of price, condition or location or some combination of both according to Dac Carver, Vice President of Beacham & Company, Realtors.
“Listings either have multiple offers or have been on the market multiple months or years,” Carver said. “The market above certain price breaks, $1.5 million, $2 million and $2.5 million is particularly tricky and requires a very fine-tuned marketing strategy.”
Overall, metro Atlanta housing inventory is on the rise for the first time in years, but not nearly fast enough to accommodate present demand in the $1.5 million and under market. Inventory is still at a 12-year low and more than a million new residents have migrated to the city in that time. Most of the jobs created in the local economy since the recession are on the lower end of the pay scale and changing age demographics are a factor (see story on page 2). In the $1.5 million and up market, sellers must now discount to sell. The higher a seller is listed, the more severe a seller is likely to have to discount.
For questions about buying or selling a home, please contact a Beacham & Company agent for a complimentary price evaluation and consultation.
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