Home prices continue to rise last month in metro Atlanta, while the number of sales declined, according to the Atlanta Realtors Association.
In a report issued Wednesday, the group said that the median sales price of a home sold last month in an 11-county area was $239,000 – up 6.2 percent from the sale month of a year earlier. However, the number of sales was down by that same percentage.
Compared to November, the median sales price was up 2.6 percent, the Realtors Association reported.
You can see the group's infographic with market information by clicking here.
A big part of the explanation for the market is the shortage of inventory – that is, the number of homes for sale. That supply of homes for sale was just 3.1 months, less than half of what is considered the inventory in a healthy, balanced market.
“Low inventory continued to be an issue for Metro Atlanta throughout 2016,” said Bill Rawlings, president of the Atlanta Realtors.
Gwinnett accounted for the most transactions during December – 893 – although Fulton led the way on price. The median price for a home sold in Fulton was $324,000 and the average was $432,000.
The calculations were made by First Multiple Listing Service.
A separate report also showed inventory low. Re/Max of Georgia said there were 3.2 months worth of homes for sale in December, a 12 percent decline from a year ago.
Re/Max had parallel results on price: the median sales price in its calculation was up 7 percent to $221,065.
"This is a continuation of the slow and steady climb in home values we have experienced since mid-2012," said Jeanette Schneider, a senior vice president for Re/Max.
This year should be a solid, if unspectacular one for Atlanta real estate, she said. “Overall we anticipate homes sales and values will continue to increase, but at a slightly slower pace. It is likely that mortgage rates will continue to rise.”
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December home sales, largest metro counties :
…….. Number of sales ….. Median sales price
Cobb ……….. 724 …….. $252,000
DeKalb …….. 622 …….. $250,000
Fulton …….. 715 …….. $324,000
Gwinnett ….. 893 …….. $225,000
Sources: First Multiple Listing Service, Atlanta Realtors Association
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