Roswell housing: Inventory is low in sought after area

In Roswell, housing inventory is at a 10-year low. In the first month of the year, just 372 homes were on the market — compared to 473 homes for sale in January 2019 and 650 homes a year and a half ago, according to data from Redfin.

Despite the low inventory, the median sale price in January in Roswell was $361,000, which is the lowest its been since September 2017. That number is down 2.4% since the same time the year before and down 9.2% month over month.

However, real estate agent Stephanie Beckwith said a lot of the more affordable houses on the market also tend to be smaller, older homes. Still, the average price per square foot in Roswell remains steady, hovering right around $150, which is where it has been for the last couple years.

“Inventory is very low presently in the Roswell area and what is available that’s a really good product is snatched up quickly,” she said.

The average time houses are spending on the market rose to 70 days in January, way up from peak homebuying season last spring and summer when it was as low as 19 days. However, homes moved slightly quicker this January than they did at the same time last year. In January 2019, houses were spending about 77 days on the market.

And there may be reason for optimism in number of homes available in Roswell. Of the homes available in January, 141 were new listings. That’s the highest number of homes added in several months and higher than the number of new homes listed in January 2019.

The problem Roswell faces is that there isn’t much land left to build on, Beckwith notes. And since the area is desirable for its school districts and access to major interstates, people tend to stay put.

“It’s definitely a hot area of town to be in,” she said. “I think that Roswell is definitely a sought after area and people love living here, so a lot of people aren’t listing their homes.”

Across metro Atlanta, home sales in January were up about 10% from the year before and, on average, homes sold for about 3% below asking price, according to Redfin. About 9,100 homes hit the market in metro Atlanta in January, which is comparable to the last several years at this time.

Nationwide, low inventory continued to drive up prices in January, according to Redfin.

"Low mortgage rates have brought buyers back to the housing market, but a lack of listings means buyers are having to compete with one another to secure a sale and lock in a mortgage rate," Redfin chief economist Daryl Fairweather said in a statement about January's nationwide housing trends.

That competition certainly exists locally as well. Beckwith notes that she advises buyers to be prepared to make an offer on a property quickly.

“I definitely think it’s still a good time to buy in Roswell, there’s not a whole lot of inventory but if you’re watching and are a smart buyer and get in that area, it’s very sought after,” she said.