Real Estate Market Update - August 20178/16/2017
Berkshire Hathaway HomeServices
Real Estate Advisor – August 2017
We are providing this monthly real estate advisor to keep you informed about the latest trends and issues in the real estate market. Remember that real estate is local and every market is different. Contact us to find out the specific details for your local area. If you know someone else who might be interested in receiving this report or who may benefit from our expertise, please let us know. Better information helps our clients make better real estate decisions!
The weather has been mixed this summer and the Metro Atlanta real estate market has also seen mixed results. Below is the summary for Metro Atlanta through July 2017.
- Year-to-date pended sales through July were up 4% versus last year. Year-to-date closings were also up 4%. Pending for July were up 11.7% from last July. But closings for July were down 5.2% from last July and down 17.3% from past month.
- The average sales price for July was $304,000 – down .6% from last month and up 5.6% from last year. 2017 is on track to be the highest average sales price on record.
- The listed inventory for July was up 2.2% from last month and down 4.5% from last July. But the limited availability of desirable properties is still driving multiple offers and very quick sales in select areas.
- Overall months of supply for July was 3.3 months. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 12.5 months and properties over $2 million averaging 20 months to close. These numbers indicate a seller’s market under $500,000 and a buyer’s market over $1 million.
- The latest Case-Shiller Index for Atlanta (7/25/17) was up 1% compared to the previous month. Metro Atlanta home values are up 67% from the bottom of March 2012. Increased homes values are building equity and getting sellers back into the market.
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Click here for a more detailed set of charts including the National Real Estate Market, Metro Atlanta Real Estate Market and Trends for Georgia Real Estate.
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Of Berkshire Hathaway HomeServices Georgia Properties. Information Is Deemed Reliable But Not Warranted.