August's Housing Market: Did It Soar or Sink?

Brace for impact...What comes next will be surprising

Every season, after the back-to-school home shoppers leave the market, the question arises: How much demand will remain? Unfortunately, this season, many back-to-school buyers did not find their ideal homes due to a severe shortage of inventory. With mortgage rates currently staying high, which is understandable, buyers have become highly selective, often seeking turnkey homes. Sellers, unless they have a compelling reason to move, a second home, or are selling for investment purposes, are hesitant to enter the market. This actually benefits the housing market in terms of stability. The majority of homeowners have substantial equity in their properties, and the urgency to sell is low, resulting in exceptionally tight inventory.

In most of the northern Atlanta suburbs, competition is fierce for homes priced under $1,000,000 to $1,250,000. For my buyers in the more entry-level price range of $400,000 to $500,000, desirable properties are selling within a weekend with multiple offers. However, on a positive note, I am not seeing many buyers waiving all contingencies and reaching for unrealistic goals.

Here is the data for the month of August: 

All of North Atlanta (This is from downtown up to Cumming, and Marietta/Kennesaw over to Lawrenceville, $300,000+, Detached single-family homes) 

• Median closed pricing is UP 3.8% from July, $571,000 from $550,000
• Number of closed sales is DOWN from 1,817 to 1,707 
• Days on market went from 7 to 8 days to go under contract
• Number of new listings dropped from 2,374 to 2,212

Alpharetta & Milton

• Median closed pricing is UP from July, $791,000 from $805,500
• Number of closed sales is DOWN from 122 to 118
• Days on market went from 6 to 10 days to go under contract
• Number of new listings dropped from 155 to 129

Marietta & Kennesaw 

• Median closed pricing is DOWN from July, $502,000 from $495,000
• Number of closed sales is DOWN from 337 to 327 
• Days on market went from 6 to 8 days to go under contract
• Number of new listings dropped from 425 to 374

Suwanee, Buford, & Lawrenceville

• Median closed pricing is UP from July, $480,500 from $475,000
• Number of closed sales is DOWN from 346 to 320
• Days on market went from 8 to 9 days to go under contract
• Number of new listings dropped from 473 to 400

Cumming

• Median closed pricing is DOWN from July, $605,000 from $615,000
• Number of closed sales is DOWN from 201 to 179
• Days on market went from 6 to 8 days to go under contract
• Number of new listings dropped from 243 to 229

You can probably see the trend here... Prices are relatively stable– either slightly up or down, nothing crazy. The number of closed sales is down as usual as many back-to-school buyers leave the market. No crazy spikes in inventory either. Overall, it was not a crazy month. The same situation continues to prevail—quality inventory remains scarce, prices are holding steady due to this scarcity, and the current pool of buyers is well-qualified and demands something that is tied up in a bow and ready to go. 

If you are looking to buy, sell, or invest in Atlanta or 30A, interview me for the job...  Also, if you do not see your areas data listed here, reach out and I can send it your way.