This week, two reports are singing harmony about the metro Atlanta housing market: there are fewer homes sold, while the ones that are selling are going for higher prices.
While the reports issued by both the Atlanta Realtors Association and Re/Max Georgia differ slightly, they tell similar stories and they start the same way – with a drop in inventory.
That is, the number of homes listed for sale has continued to slide.
Listings in June represented just 2.5 months of sales, down from 3.1 months in June of last year, according to Re/Max. That is less than half of what is expected in a healthy market, where listings often represent six or seven months of home sales.
“Low inventory continues to strain the greater Atlanta real estate market,” said John Rainey, vice president with Re/Max. “There are simply not enough homes on the market to meet the ever growing demand.”
The mismatch of supply and demand distorts a market, driving prices up. The most dramatic impact has been in Fulton County, where the median sales price last month was $400,000.
“That’s 63 percent higher than the national average,” Rainy said.
The second-highest prices were in DeKalb, where the median was $286,960, while Clayton had the least expensive homes with a median of $130,000, Re/Max said.
According the Atlanta Realtors Association, overall prices were up 6.8 percent in the metro Atlanta region during the past year, while the number of sales dipped 2.1 percent fewer.
“The number of year-over-year transactions maintains a pace that tracks with the overall economy,” Bill Rawlings, the association’s president.
Median sales price by county, June
Number of homes sold in June, compared to last year
DeKalb -8 percent
Fulton +4 percent
Gwinnett -9 percent
Clayton -13 percent
Average days on market before sale, compared to last year
Cobb -7 percent
DeKalb -6 percent
Fulton + 1 percent
Gwinnett -11 percent
Clayton -14 percent
Source: Re/Max Georgia