In typical year-end fashion, things were relatively cool in Alpharetta’s housing market to close out 2019.
To wrap up the year, median sale prices decreased and the number of home sales increased in Alpharetta.
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According to data for December, the most up-to-date figures available from Redfin, median sale prices dropped more than 10% in the final month of the year in Alpharetta. That brought the median down to a year-low, after it peaked in November. However, the average price for square foot rose more than 5% to $156 per sq. ft., recovering from a drop since February to hit a new high.
Median sale prices in Alpharetta are currently sitting right around $400,000, according to Redfin.
Although still shy of where it was at the beginning of 2019, the number of homes moving on Alpharetta’s market was up at slightly at the end of the year.
In December, home sales in Alpharetta were up 10.7% from the previous month. It was the first major climb since a cooling off period that started last spring (save for slight summer bump).
In December, 109 listings were added to the market, bringing the inventory of for sale homes to 655 — those numbers are down, both month over month, and year over year.
While the 40% drop in new listings from November might just reflect seasonal trends, total listings are also down more than 21% from December 2018.
Keep in mind, the holidays tend to throw a wrench into the housing market — despite some experts saying it can be a good time to sell.
Even so, December’s drop in inventory along with rising sales leaves the market at its lowest “months of supply” — a snapshot of supply versus demand — in two years, which along with the rise in price per square foot might attract some potential sellers who may be on the fence.
Elsewhere, scarcity drove prices up for potential buyers in December. According to Redfin data, a shortage of homes drove prices up almost 7% nationwide.
"Low mortgage rates and a strong economy fueled homebuyer demand in December, which boosted both home sales and prices," Redfin chief economist Daryl Fairweather said in a statement on the national trends in December.
However, it remains good news for shoppers in Alpharetta for now.
Properties are moving a little quicker than they were in November, but not by much. The average home is still sitting on the market for around 54 days, according to Redfin data — giving interested buyers some time to mull things over.
A Zillow forecast for the year ahead in Alpharetta projects steady growth in home value throughout the year — an estimated 2.4% growth by year's end.
