Spring Market is back in the New York Groove..Its Back!

Back in the New York GROOVE..The Spring Market is BACK, and back with NO Inventory…

 The Spring market is back in full force all across the metro. Buyers are flocking back to the opportunity to find their desired home. While demand for housing has picked up 10-fold in the past 2 months, inventory has barely blipped the radar. If anything, the availability of inventory is worse then it was 4-5 months back. Not only is inventory tighter, the level of quality inventory is that much lower. We are still finding buyers the homes they need but, it is taking longer & we are exploring other avenues such as off-market properties.

Good news is, rates have come down tremendously compared to the highs of last year. Right now many of my clients are being quoted in 5% range with little to no points. While this a tad higher for my investment clients, the rates are still coming down in a steady manor. This is making the affordability factor much greater and buyers are able to justify more as those rates continue there downtrend.

For you data nerds(like me), lets dive into:

• Median Sales Price is up 5% from February, $420k from $400k

• Months of Inventory is down to 2 months from 3 in Feb.

• Number of new listings is up 29% from the prior month

• Number of transactions is up 25% from the prior month

 *This data compiles all of the Metro & Greater Atlanta areas from the First Multiple Listing Service*

Data from Alpharetta, Milton, Roswell: 

• Median Sales Price is up 8% from Feb, $716k from $663k
• Months of Inventory is down to 2 months from 3 in Feb.
• Number of transactions is up to 179 from 134 in the prior month
• Days on market went down to 10 from 16

Data from Cobb County:

• Median Sales Price is up 3.2% from Feb, $420k from $407k
• Months of inventory stayed flat around 2 months
• Number of transactions is up to 518 from 446
• Days on Market went down to 11 from 22 

Data from Forsyth County: 

• Median Sales Price is up 7.3% from Feb, $629k from $585k
• Months of inventory is down to 1 month from 2 months in Feb
• Number of transactions is up to 145 from 123 in the prior month
• Days on Market went down to 11 from 20 

In general, the outlook for the spring in the metro Atlanta housing market is one of stability. At present, it seems that inventory will remain tight compared to the amount of demand, which is largely due to many homeowners being reluctant to give up their favorable rates from 2020 and 2021. Nevertheless, people still need to move, and if interest rates continue to trend downward, we can expect to see an increase in demand for housing.

While I do not anticipate any drastic surge in pricing, it is likely that we will see pricing gradually return to the highs of last year, and it is probable that these levels will be sustained until the end of the summer season. It is important to keep in mind that market trends can be unpredictable, and other factors such as competition and economic conditions could also impact pricing. As such, it is essential to stay informed and keep in tune with our weekly updates.

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